TIDMTSCO
RNS Number : 2514R
Tesco PLC
26 June 2020
Tesco PLC
26 June 2020
Tesco PLC - Results of AGM
Tesco PLC held its Annual General Meeting on Friday 26 June at
10.30 a.m. Resolutions 1 and 3 to 26 were duly passed. Resolution
2, approval of the Directors' Remuneration Report, was not
passed.
A poll was held on each of the resolutions proposed. The results of the polls are as follows:
VOTES % VOTES AGAINST % TOTAL VOTES % ISSUED VOTES WITHHELD
FOR VALIDLY SHARE CAPITAL
CAST
To receive the
report and
1 accounts 7,332,850,006 99.98 1,504,923 0.02 7,334,354,929 74.89% 19,766,062
To approve the
Directors'
remuneration
2 report 2,403,268,383 32.71 4,943,383,778 67.29 7,346,652,161 75.02% 7,468,830
------ -------------- ------ -------------- --------------- ---------------
To declare a
3 final dividend 7,313,840,676 99.48 38,257,660 0.52 7,352,098,336 75.07% 2,022,655
------ -------------- ------ -------------- --------------- ---------------
To re-elect
John Allan as
4 a Director 7,029,624,569 95.84 305,255,762 4.16 7,334,880,331 74.90% 19,240,660
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Mark Armour as
5 a Director 7,337,299,742 99.83 12,176,308 0.17 7,349,476,050 75.04% 4,645,391
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Melissa
Bethell as a
6 Director 7,344,927,168 99.94 4,540,338 0.06 7,349,467,506 75.04% 4,653,485
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Stewart
Gilliland as
7 a Director 7,287,160,549 99.15 62,280,328 0.85 7,349,440,877 75.04% 4,680,114
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Steve Golsby
8 as a Director 6,778,622,908 94.48 396,105,363 5.52 7,174,728,271 73.26% 179,392,720
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Byron Grote as
9 a Director 7,005,071,180 95.50 329,826,851 4.50 7,334,898,031 74.90% 19,222,960
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Dave Lewis as
10 a Director 7,336,842,928 99.83 12,744,770 0.17 7,349,587,698 75.05% 4,533,293
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Mikael Olsson
11 as a Director 7,220,952,756 98.45 113,925,418 1.55 7,334,878,174 74.90% 19,242,817
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Deanna
Oppenheimer as
12 a Director 7,042,521,417 96.02 292,251,005 3.98 7,334,772,422 74.89% 19,348,569
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Simon
Patterson as a
13 Director 7,337,128,691 99.83 12,266,761 0.17 7,349,395,452 75.04% 4,725,539
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Alison Platt
14 as a Director 7,205,652,804 98.24 129,224,390 1.76 7,334,877,194 74.90% 19,243,797
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Lindsey
Pownall as a
15 Director 7,344,923,517 99.94 4,452,202 0.06 7,349,375,719 75.04% 4,745,272
------ -------------- ------ -------------- --------------- ---------------
To re-elect
Alan Stewart
16 as a Director 7,320,093,707 99.60 29,327,125 0.40 7,349,420,832 75.04% 4,700,159
------ -------------- ------ -------------- --------------- ---------------
To elect Ken
Murphy as a
Director
with effect
from 1 October
17 2020 7,334,242,761 99.80 15,037,922 0.20 7,349,280,683 75.04% 4,840,308
------ -------------- ------ -------------- --------------- ---------------
To reappoint
18 the auditors 7,235,790,906 99.48 37,859,171 0.52 7,273,650,077 74.27% 80,470,914
------ -------------- ------ -------------- --------------- ---------------
To authorise
the Directors
to determine
the auditors'
19 remuneration 7,306,181,090 99.38 45,212,146 0.62 7,351,393,236 75.06% 2,727,758
------ -------------- ------ -------------- --------------- ---------------
To renew and
continue The
Tesco
PLC Share
20 Incentive Plan 7,313,662,240 99.50 36,410,137 0.50 7,350,072,377 75.05% 4,048,614
------ -------------- ------ -------------- --------------- ---------------
To authorise
the Directors
to allot
21 shares 6,823,807,570 92.84 526,310,888 7.16 7,350,118,458 75.05% 4,002,533
------ -------------- ------ -------------- --------------- ---------------
To authorise
the Directors
to disapply
pre-emption
22 rights* 7,210,606,039 98.19 132,626,899 1.81 7,343,232,938 74.98% 10,888,050
------ -------------- ------ -------------- --------------- ---------------
To authorise
the Directors
to disapply
pre-emption
rights for
acquisitions
and capital
23 investment* 7,048,972,004 95.99 294,539,899 4.01 7,343,511,903 74.98% 10,609,085
------ -------------- ------ -------------- --------------- ---------------
To authorise
the Company to
purchase
its own
24 shares* 7,197,967,280 98.02 145,191,029 1.98 7,343,158,309 74.98% 10,962,682
------ -------------- ------ -------------- --------------- ---------------
To authorise
political
donations
by the Company
and its
25 subsidiaries 7,069,464,190 96.21 278,195,212 3.79 7,347,659,402 75.03% 6,461,589
------ -------------- ------ -------------- --------------- ---------------
To authorise a
14 day notice
period
for general
26 meetings* 6,906,833,291 93.95 444,564,846 6.05 7,351,398,137 75.06% 2,722,854
------ -------------- ------ -------------- --------------- ---------------
*Special resolutions
Resolution 2
While the Board is pleased that all other resolutions were
carried with very large majorities, we are disappointed that the
advisory vote on the Directors' Remuneration Report was not
passed.
Following recent engagement on our Remuneration Report with a
number of our larger shareholders, we have been reassured that the
majority agree that the overall outcome of the 2017 PSP award is
proportionate given the outstanding turnaround delivered by
management. We recognise, however, that a significant number of
shareholders had concerns with the principle of the Committee's
adjustment to the TSR comparator group.
Following the AGM, the Remuneration Committee will continue to
engage with shareholders to fully understand their concerns and
will consider the full range of feedback as we prepare to put our
Remuneration Policy to shareholders at the 2021 AGM in accordance
with the requirements of the Companies Act. We will publish an
update on our engagement, in accordance with the UK Corporate
Governance Code, within six months of the 2020 AGM.
Notes
Results of the poll can also be viewed on the Company's website:
https://www.tescoplc.com/investors/shareholder-centre/shareholder-meetings/
Please note a 'vote withheld' is not a vote under English law
and is not counted in the calculation of votes 'for' and 'against'
a resolution.
The total number of ordinary shares in issue on 24 June 2020 at
6.30pm was 9,793,496,561. Shareholders are entitled to one vote per
share.
In accordance with Listing Rule 9.6.2 copies of the resolutions
(other than those relating to ordinary business) will be submitted
to the FCA National Storage Mechanism and will shortly be available
for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Enquiries:
Group Company Secretary Robert Welch +44 (0) 7793 222569
LEI Number: 2138002P5RNKC5W2JZ46
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END
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