PRESS RELEASE

from Genel Energy (isin : JE00B55Q3P39)

Genel Energy PLC: Results of AGM

Genel Energy PLC (GENL)
Genel Energy PLC: Results of AGM

09-May-2024 / 13:00 GMT/BST


9 May 2024

  

Genel Energy plc

Results of Annual General Meeting 9 May 2024

 

The Annual General Meeting of Genel Energy plc was held today, Thursday, 9 May 2024 and the results of the votes by shareholders are set out below. The number of ordinary shares of £0.10p each in the Company in issue at the date of the meeting was 279,402,863 and each share attracted one vote.

 

The results were as follows:

 

Resolutions

For

%

Against

%

Withheld

Total lodged

  1. To receive the audited financial statements of the Company for the year ended 31 December 2023

195,330,706

100.00%

0

0.00%

784,044

195,330,706

  1. To approve the Remuneration Policy for Directors

142,845,544

73.13%

52,477,876

26.87%

791,330

195,323,420

  1. To approve the Annual Report on Remuneration for the year ended 31 December 2023

145,795,416

74.64%

49,530,304

25.36%

789,030

195,325,720

  1. To re-elect Mr David McManus as a NonExecutive Director

145,833,170

74.66%

49,487,313

25.34%

794,267

195,320,483

  1. To re-elect Mr Paul Weir as an Executive Director

194,947,599

99.81%

378,384

0.19%

788,767

195,325,983

  1. To re-elect Mr Ümit Tolga Bilgin as a Non-Executive Director

144,641,492

66.80%

71,899,074

33.20%

788,766

216,540,566

  1. To re-elect Ms Canan Ediboglu as Non-Executive Director

194,870,128

89.99%

21,670,437

10.01%

788,767

216,540,565

  1. To re-elect Mr Yetik K. Mert as a Non-Executive Director

194,870,008

99.77%

455,974

0.23%

788,768

195,325,982

  1. To appoint BDO LLP as the Company’s auditor

 

195,244,728

99.96%

82,950

0.04%

787,072

195,327,678

  1. To authorise the Directors to set the Auditor’s fees

195,186,671

99.93%

142,869

0.07%

785,210

195,329,540

  1. To give the Company limited authority to make political donations and expenditure

195,176,574

99.92%

161,132

0.08%

777,044

195,337,706

  1. To authorise the Company to purchase its Ordinary Shares

146,134,451

67.48%

70,424,338

32.52%

770,543

216,558,789

  1. To permit the Company to hold general meetings, other than an AGM, on not less than 14 clear days’ notice

195,202,351

90.14%

21,348,438

9.86%

778,543

216,550,789

 

Following the retirement of Sir Michael Fallon at today’s AGM, the Company’s search for a new Independent Non-Executive Director is ongoing. Canan Ediboglu has been appointed Interim Senior Independent Non-Executive Director.

 

The Board of Directors notes that, although resolutions 2, 3, 4, 6, and 12 were passed with the requisite majorities, over 20% of votes were cast against. The Board will take note of the voting and will engage with shareholders to further understand the reasons for the significant vote against these resolutions.

 

It is noted that, while ISS recommended voting in favour of all resolutions, Glass Lewis recommended voting against resolution 2 on the Directors’ Remuneration Policy, due to their judgement that the Remuneration Committee retains “the discretion to grant potentially excessive awards to executives on recruitment.” Genel is an international business with operations in challenging overseas jurisdictions, competing against a wide range of global listed and private companies for senior talent. The flexibility the Company has in relation to recruitment packages has been in place since 2014, and the  Company has not exercised this flexibility since such date. The Board of Directors continues to believe that this flexibility is reasonable and in the best interests of our shareholders, but will discuss this further with major shareholders.

 

The full text of the resolutions may be found in the Notice of the Annual General Meeting, copies of which are available on both the Company's website www.genelenergy.com and on the National Storage Mechanism https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

A copy of the special resolutions (resolutions 12 and 13) passed at the Annual General Meeting, have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

-ends-

 

For further information, please contact:

 

Genel Energy

Andrew Benbow, Head of Communications

+44 20 7659 5100

 

 

Vigo Consulting

Patrick d’Ancona

+44 20 7390 0230

 

Notes to editors:

Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). Genel has low-cost and low-carbon production from the Kurdistan Region of Iraq, and continues to seek opportunities to add new resilient and cash-generative assets to its portfolio. For further information, please refer to www.genelenergy.com.

 



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The issuer is solely responsible for the content of this announcement.


ISIN:JE00B55Q3P39, NO0010894330
Category Code:RAG
TIDM:GENL
LEI Code:549300IVCJDWC3LR8F94
Sequence No.:320611
EQS News ID:1899805

 
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