TIDMQQ.
RNS Number : 5404L
QinetiQ Group plc
19 July 2017
QINETIQ GROUP PLC
19 July 2017
QINETIQ GROUP PLC - Results of Annual General Meeting held on 19
July 2017
QinetiQ Group plc ('QinetiQ') announces that all resolutions
proposed at its Annual General Meeting ('AGM') held on 19 July 2017
were duly passed with the requisite majorities and the results of
the poll are as follows:
VOTES % VOTES % TOTAL % OF VOTES
FOR AGAINST VOTES SHARE WITHHELD
VALIDLY CAPITAL
CAST WITH
VOTING
RIGHTS
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To receive
the Report
1 and Accounts 398,575,070 100.00 18,886 0.00 398,593,956 70.27 1,992,803
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To approve
the Directors'
Remuneration
2 Policy 255,350,780 63.75 145,182,781 36.25 400,533,561 70.61 53,828
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To approve
the Directors'
Remuneration
3 Report 380,227,053 94.93 20,307,830 5.07 400,534,883 70.61 51,876
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To declare
a final
4 dividend 400,445,516 99.97 133,358 0.03 400,578,874 70.62 7,885
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To elect
5 Lynn Brubaker 385,178,105 99.67 1,261,035 0.33 386,439,140 68.13 14,141,115
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To re-elect
6 James Burnell-Nugent 385,028,596 96.12 15,529,226 3.88 400,557,822 70.62 28,937
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To re-elect
7 Mark Elliott 383,682,580 95.79 16,873,877 4.21 400,556,457 70.61 23,798
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To re-elect
Michael
8 Harper 384,551,598 96.01 15,991,463 3.99 400,543,061 70.61 37,194
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To re-elect
9 Ian Mason 385,048,847 96.13 15,494,414 3.87 400,543,261 70.61 36,994
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To re-elect
10 Paul Murray 385,000,128 96.12 15,542,729 3.88 400,542,857 70.61 37,398
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To re-elect
11 Susan Searle 371,433,918 92.73 29,110,548 7.27 400,544,466 70.61 35,788
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To elect
12 David Smith 397,203,885 99.17 3,339,082 0.83 400,542,967 70.61 37,258
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To re-elect
13 Steve Wadey 395,231,973 98.67 5,332,911 1.33 400,564,884 70.62 21,875
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To appoint
Pricewaterhouse-Coopers
14 LLP as auditor 399,760,069 99.80 787,401 0.20 400,547,470 70.61 39,289
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To authorise
the Audit
Committee
to determine
the auditor's
15 remuneration 400,459,168 99.98 99,683 0.02 400,558,851 70.62 27,908
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To authorise
the Company
and its
subsidiaries
to make
political
16 donations 384,220,007 99.43 2,204,897 0.57 386,424,904 68.12 14,161,855
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To approve
the 2017
QinetiQ
Group plc
Incentive
17 Plan 256,936,791 64.15 143,600,025 38.85 400,536,816 70.61 49,943
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To authorise
the Directors
to allot
18 shares 390,410,573 97.86 8,532,771 2.14 398,943,344 70.33 1,636,911
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To disapply
pre-emption
19 rights (standard)* 386,284,019 99.97 133,219 0.03 386,417,238 68.12 14,163,017
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To disapply
pre-emption
20 rights (acquisitions)* 382,338,635 95.46 18,187,487 4.54 400,526,122 70.61 54,133
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To purchase
21 own shares* 388,101,711 97.29 10,822,577 2.71 398,924,288 70.33 1,662,471
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
To call
general
meetings
on not less
than 14
clear days'
22 notice* 360,917,781 93.40 25,511,224 6.60 386,429,005 68.12 14,143,666
--- ------------------------- ------------ ------- ------------ ------ ------------ --------- -----------
*Special Resolution
Notes:
1. The percentages above are rounded to two decimal places.
2. Votes "for" include discretionary votes.
3. A vote withheld is not a vote in law and is not counted in
the calculation of the proportion of votes "for" and "against" a
resolution.
4. The number of ordinary shares in issue at 11.00 am on 17 July
2017 was 571,757,121 of which 4,515,868 are held in treasury.
Therefore the number of ordinary shares with voting rights at
11:00am on 17 July 2017 was 567,241,253.
In accordance with Listing Rule 9.6.2R, a copy of the
resolutions, other than those concerning ordinary business, passed
by the Company at the AGM held on 19 July 2017, has been submitted
to the National Storage Mechanism and will shortly be available for
inspection at www.morningstar.co.uk/uk/NSM.
The Board of Directors of QinetiQ (the 'Board) is pleased that
all resolutions were successfully approved by shareholders. The
Board however recognises that, while the majority of our principal
shareholders voted in favour of all resolutions, some shareholders
and their proxy advisors did not support resolutions 2 and 17.
Throughout the development of the new Directors' Remuneration
Policy (the 'Policy') and the 2017 QinetiQ Group plc Incentive Plan
(the 'Incentive Plan'), we engaged with our main shareholders and
their proxy advisors to understand their concerns in relation to
the Policy and Incentive Plan and incorporate provisions to address
them, where consistent with the objectives of the Policy. It is
clear from the vote that, while the majority of shareholders were
supportive, we still have more to do to explain elements of the
Policy and Incentive Plan to some shareholders and why the Board
believes their adoption is in shareholders' best interests.
In particular, the Board notes that the move to an annual
assessment for the majority of performance conditions caused a
concern for some shareholders that this might result in a
short-term focus for management. The Board believes that QinetiQ's
five-year strategy for sustainable growth will continue to evolve
in a dynamic market and that the inclusion of annual and multi-year
performance assessments will ensure that Executives are
appropriately incentivised to respond to the opportunities and
challenges created in this dynamic market. Ongoing forfeiture
conditions coupled with a material deferral in shares will ensure
that the full value of incentives earned based on the annual
assessment of performance will only be received if this leads to
long-term sustainable performance and value creation for
shareholders.
The Board will implement the Policy and Incentive Plan while
remaining receptive to feedback as it continues to work to ensure
that policies and procedures are understood and aligned with
shareholders' interests.
Enquiries:
+44 (0)1252
Company Secretary: Jon Messent, QinetiQ 392000
+44 (0)7920
Investor Relations: David Bishop, QinetiQ 108675
+44 (0)7908
Ian Brown, QinetiQ 251123
Chris Barrie, Citigate +44 (0)20
Media Relations: Dewe Rogerson 7282 2943
Ellen Wilton, Citigate +44 (0)20
Dewe Rogerson 7282 2849
This information is provided by RNS
The company news service from the London Stock Exchange
END
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