20th Nov 2019 09:39
(Alliance News) - Hilton Food Group PLC said Wednesday it will engage with shareholders who voted against the resolution to re-elect Executive Chair Robert Watson at its annual general meeting in May.
At the meeting, shareholders at the FTSE 250 food packaging firm voted 76% in favour of the resolution proposing Watson's election, while 24% voted against it.
Hilton Food said it understood that the vote result was related to Watson's transition from chief executive officer to executive chair in July, following the reshuffling of its board.
"The board continues to believe strongly that Robert's transition from CEO to executive chair (and thereafter to non-executive chair which is planned during 2020) is in the best interests of the company. Major shareholders were consulted ahead of the appointment and were supportive of the change," Hilton Food said in a statement.
In the meantime, the group's board and nomination committee have agreed to start a process to appoint another independent non-executive director, in order to balance the board.
Shares in Hilton Food - which is headquartered in Huntingdon - were up 0.3% at 1,010.63 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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