17 September 2024
UTILICO EMERGING MARKETS TRUST PLC
(LEI Number: 2138005TJMCWR2394O39)
Result of Annual General Meeting
Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2024 Annual General Meeting of shareholders on 17 September 2024.
All resolutions proposed at the meeting were passed on a show of hands. A copy of the Notice of Meeting is available at www.uemtrust.co.uk.
The proxy voting figures received in advance of the meeting are shown below.
| Resolution | Votes for/ | % | Votes against | % | Total votes cast | Votes withheld |
| Ordinary Resolutions | | | | | | |
| 1. To receive the Company's Accounts and the Reports of the Directors and Auditor | 125,008,618 | 100.00 | 0 | 0.00 | 125,008,618 | 13,659 |
| 2. To approve the Directors' Remuneration Report | 124,904,664 | 99.96 | 52,966 | 0.04 | 124,957,630 | 64,647 |
| 3. To approve the Company's dividend policy | 125,010,368 | 100.00 | 0 | 0.00 | 125,010,368 | 11,909 |
| 4. To re-elect Mr Rennocks | 124,969,425 | 99.99 | 17,225 | 0.01 | 124,986,650 | 35,627 |
| 5. To re-elect Mr Bridgeman | 124,966,110 | 99.99 | 13,040 | 0.01 | 124,979,150 | 43,127 |
| 6. To re-elect Ms Liu | 124,923,982 | 99.96 | 55,168 | 0.04 | 124,979,150 | 43,127 |
| 7. To re-elect Mr Stobart | 97,462,577 | 77.98 | 27,516,573 | 22.02 | 124,979,150 | 43,127 |
| 8. To elect Ms Wells
| 124,920,957 | 99.96 | 55,168 | 0.04 | 124,976,125 | 46,152 |
| 9. To re-appoint KPMG LLP as auditor of the Company | 124,856,550 | 99.90 | 127,992 | 0.10 | 124,984,542 | 37,735 |
| 10. To authorise the Directors to determine the auditor's remuneration | 124,974,947 | 99.98 | 22,072 | 0.02 | 124,997,019 | 25,258 |
| 11. To authorise the Directors to allot securities | 124,945,200 | 99.95 | 64,956 | 0.05 | 125,010,156 | 12,121 |
| Special Resolutions |
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| 12. To authorise the Directors to disapply pre-emption rights | 124,819,271 | 99.85 | 185,138 | 0.15 | 125,004,409 | 17,868 |
| 13. To authorise the Company purchase its own shares | 124,988,911 | 99.98 | 26,231 | 0.02 | 125,015,142 | 7,135 |
While a significant majority of shareholder proxies supported Resolution 7 (re-election of Mr Eric Stobart), the Board is disappointed that a notable number representing 22.02% of the shares voted (14.63% of the issued share capital) were against the annual re-election of Mr Eric Stobart. Approximately 97% of these shares were voted by one shareholder, with whom the Company has previously engaged and will continue to engage, and who has indicated its opposition to the appointment of Mr Stobart.
Mr Stobart, who joined the Board in 2019, is an Independent Director pursuant to the UK Corporate Governance Code and in accordance with the principles of the Code, all Directors offer themselves for re-election annually. The Board is firmly of the view that Mr Stobart is and remains independent in character and judgement and that his appointment to the Board is in the best interests of the Company and its shareholders. Earlier this year the Company announced the appointment of Ms Nadya Wells as a new Independent Director to the Board, continuing the cycle of Board refreshment.
A copy of the full text of the resolutions (other than those resolutions comprising ordinary business) will shortly be made available for inspection on the National Storage Mechanism at http://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Name of contact and telephone number for enquiries:
ICM Investment Management Limited +44(0)1372 271486
Charles Jillings / Alastair Moreton
Montfort Communications
Gay Collins, Pippa Bailey +44(0)20 3770 7913
utilico@montfort.london
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