TIDMSMWH
RNS Number : 3608M
WH Smith PLC
20 January 2021
20 January 2021
WH SMITH PLC
Result of Annual General Meeting
All resolutions approved
WH Smith PLC held its Annual General Meeting for shareholders at
11.30am today, 20 January 2021. The following table shows the
results of the poll on all 18 resolutions:
Resolution Votes % Votes Against % Votes Total % of ISC Votes
For Voted Withheld
To receive the reports
1 and accounts 105,543,388 99.55 480,903 0.45 106,024,291 81.02 1,869,619
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
To approve the
2 remuneration report 66,038,774 67.43 31,894,173 32.57 97,932,947 74.83 9,959,963
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
To approve the rules
of the WH Smith US
3 ESPP 107,453,778 99.73 292,419 0.27 107,746,197 82.33 147,713
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
To re-elect Carl
4 Cowling 101,835,367 94.55 5,872,956 5.45 107,708,323 82.30 185,587
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
5 To elect Nicky Dulieu 106,765,066 99.12 944,237 0.88 107,709,303 82.30 184,607
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
To re-elect Annemarie
6 Durbin 98,030,165 91.01 9,678,352 8.99 107,708,517 82.30 185,393
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
To re-elect Simon
7 Emeny 100,479,660 93.29 7,227,428 6.71 107,707,088 82.30 186,812
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
To re-elect Robert
8 Moorhead 105,706,923 98.38 1,738,675 1.62 107,445,598 82.10 448,312
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
To re-elect Henry
9 Staunton 97,540,083 91.55 9,001,549 8.45 106,541,632 81.41 1,352,278
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
To re-elect Maurice
10 Thompson 100,479,355 93.29 7,226,964 6.71 107,706,319 82.30 186,109
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
11 To re-appoint
PricewaterhouseCoopers
LLP as auditors 104,923,357 97.78 2,383,681 2.22 107,307,038 82.00 586,872
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
12 To authorise the Audit
Committee of the Board
to determine the
auditors' remuneration 104,379,652 97.32 2,873,773 2.68 107,253,425 81.95 640,485
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
Authority to make
13 political donations 106,951,475 99.32 734,207 0.68 107,685,682 82.28 208,228
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
Authority to allot
14 shares 99,108,724 91.98 8,638,287 8.02 107,747,011 82.33 146,590
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
15 Authority to disapply
pre-emption rights 106,109,751 99.52 509,017 0.48 106,618,768 81.47 1,273,455
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
16 Authority to disapply
pre-emption rights up
to a further 5 per
cent for acquisitions
or specified
capital investments 105,628,598 99.07 989,469 0.93 106,618,067 81.47 1,275,843
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
17 Authority to make
market purchases of
ordinary shares 106,191,351 99.07 992,201 0.93 107,183,552 81.90 710,358
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
18 Authority to call
general meetings on 14
clear days' notice 105,705,200 98.14 2,002,974 1.86 107,708,174 82.30 185,736
----------------------- ------------ ------ -------------- ------ ------------ ------------- -------------
Notes
1. Votes "for" and "against" are expressed as a percentage of votes received.
2. A "vote withheld" is not a vote in law and is not counted in
the calculation of the proportion of the votes "for" and "against"
a resolution.
3. At the date of the AGM the issued share capital of the Company is 130,869,582 ordinary shares.
Resolution 2 - Directors' remuneration report
We note that while Resolution 2 to approve the Directors'
Remuneration Report was passed, we acknowledge that a significant
minority of shareholders, 33%, chose not to support this
resolution. The Board understands that shareholders' primary
concern was the salary increase of GBP25,000 which Mr Cowling
received on 1 July 2020 which was previously disclosed to
shareholders in the 2019 Remuneration Report.
Our 2019 Remuneration Report explained that, in accordance with
best practice, Mr Cowling's salary on his appointment as Group
Chief Executive was set at a lower level than his predecessor. The
Remuneration Committee agreed that Mr Cowling's salary would
increase by GBP25,000 per annum, subject to performance, in each of
the next three years following his appointment. The Remuneration
Committee believed that Mr Cowling's performance since his
appointment merited the first increase in his salary with effect
from 1 July 2020. Mr Cowling chose to donate this pay increase to a
charity, the Trussell Trust, until October 2020. We confirm that
our executive remuneration arrangements are fully in line with our
Directors' Remuneration Policy which was approved by over 96% of
shareholders at our 2019 Annual General Meeting.
Prior to today's Annual General Meeting, we engaged with a
number of shareholders on our executive remuneration arrangements
and, as a result, we confirm that the previously announced increase
in Carl Cowling's salary in April 2021 will be postponed until such
time as the Remuneration Committee believes that it would be
appropriate to implement, but it is unlikely to do so in the
financial year ending 31 August 2021. We confirm that we will
continue to actively engage with shareholders on executive
remuneration to ensure their views are fully understood during
2021.
Board changes
As previously announced, Suzanne Baxter did not stand for
re-election at the AGM. Following Suzanne Baxter stepping down as a
non-executive director, Nicky Dulieu has been appointed as Chair of
the Audit Committee.
In accordance with paragraph 9.6.2 of the Listing Rules, a copy
of the resolutions passed as special business at the AGM have been
submitted to the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
I Houghton
Company Secretary
-Ends-
Enquiries:
WH Smith PLC
Mark Boyle Investor Relations 07879 897687
Nicola Hillman Media Relations 01793 563354
Brunswick
Tim Danaher 020 7404 5959
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January 20, 2021 09:53 ET (14:53 GMT)
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