16th May 2019 10:46
LONDON (Alliance News) - Jupiter Fund Management PLC held its annual general meeting Wednesday, with all resolutions passing with the requisite majority, but noted there was pushback on some resolutions.
The vote to re-elect Karl Sternberg saw significant opposition, with 25% of shareholders voting against his re-election. No other director saw more than 1.7% of shareholders oppose their re-election.
Sternberg has been an independent non-executive director at Jupiter since 2016. He was the founding partner of Oxford Investment Partners and up until 2016 he was chair of JPMorgan Income & Growth Investment Trust PLC.
He currently sits on the board of Alliance Trust PLC, Herald Investment Trust PLC, Monks Investment Trust PLC, Clipstone Logistics REIT PLC, Lowland Investment Co PLC and JPMorgan Elect PLC.
Elsewhere, 25% of shareholders voted against resolution 14, giving directors the authority to allot shares in the company.
Additionally, 21% of shareholders voted against giving directors the authority to disapply pre-emption rights. Pre-emption rights provide shareholders with protection against dilution of their investments.
"We have engaged with our major shareholders ahead of the vote and understand their views on these matters and the differing philosophies they apply. Following the outcome of today's vote, we will contact shareholders to discuss these matters again and will keep best practice in these areas under review," the company said.
Shares in Jupiter Fund Management were up 0.7% Thursday at 362.40 pence each.
Related Shares:
Alliance TrustJPE.LMonks InvHerald Investment TrustJupiter Fund ManagementLowland Inv.