15th May 2019 16:36
LONDON (Alliance News) - Playtech PLC on Wednesday said more than a third of votes at its annual general meeting were in opposition to the re-election of its chair and more than 40% opposed the remuneration report and policy.
36% or 68.8 million AGM votes were cast against the re-election of Chair Alan Jackson, compared to 123.6 million or 64% in favour. In 2018, 35% of votes opposed Jackson's re-appointment.
"As announced on April 11, an orderly succession process is currently underway to identify a new chair for the group. This follows the evolution of the board's composition over the last year, with the appointment of four new non-executive directors, which was led by our chair, Alan Jackson," said Playtech.
"However, we recognise that the vote against these resolutions was more than 20% and we will continue to engage with investors on these important issues to make further progress."
In terms of remuneration, 41% or 81.9 million votes cast were against the remuneration policy and 42% or 82.5 million were against the remuneration report. In 2018, 59% of votes were against the remuneration report.
"Since last year's AGM the company has conducted an extensive shareholder engagement and consultation process on remuneration. As a result of this process, and reflecting shareholder feedback, we made a number of changes to the company's remuneration policy and approach. With the majority of shareholders voting in support of the new directors' remuneration policy and the directors' remuneration report, we believe the results reflect significant progress," said Playtech.
Shares in Playtech were up 1.8% at 400.60 pence on Wednesday afternoon.
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