TIDMTSCO

RNS Number : 2514R

Tesco PLC

26 June 2020

Tesco PLC

26 June 2020

Tesco PLC - Results of AGM

Tesco PLC held its Annual General Meeting on Friday 26 June at 10.30 a.m. Resolutions 1 and 3 to 26 were duly passed. Resolution 2, approval of the Directors' Remuneration Report, was not passed.

   A poll was held on each of the resolutions proposed.   The results of the polls are as follows: 
 
 
                           VOTES         %     VOTES AGAINST     %      TOTAL VOTES       % ISSUED      VOTES WITHHELD 
                            FOR                                           VALIDLY       SHARE CAPITAL 
                                                                            CAST 
      To receive the 
      report and 
 1    accounts         7,332,850,006   99.98       1,504,923    0.02   7,334,354,929           74.89%       19,766,062 
      To approve the 
      Directors' 
      remuneration 
 2    report           2,403,268,383   32.71   4,943,383,778   67.29   7,346,652,161           75.02%        7,468,830 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To declare a 
 3    final dividend   7,313,840,676   99.48      38,257,660    0.52   7,352,098,336           75.07%        2,022,655 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      John Allan as 
 4    a Director       7,029,624,569   95.84     305,255,762    4.16   7,334,880,331           74.90%       19,240,660 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Mark Armour as 
 5    a Director       7,337,299,742   99.83      12,176,308    0.17   7,349,476,050           75.04%        4,645,391 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Melissa 
      Bethell as a 
 6    Director         7,344,927,168   99.94       4,540,338    0.06   7,349,467,506           75.04%        4,653,485 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Stewart 
      Gilliland as 
 7    a Director       7,287,160,549   99.15      62,280,328    0.85   7,349,440,877           75.04%        4,680,114 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Steve Golsby 
 8    as a Director    6,778,622,908   94.48     396,105,363    5.52   7,174,728,271           73.26%      179,392,720 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Byron Grote as 
 9    a Director       7,005,071,180   95.50     329,826,851    4.50   7,334,898,031           74.90%       19,222,960 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Dave Lewis as 
 10   a Director       7,336,842,928   99.83      12,744,770    0.17   7,349,587,698           75.05%        4,533,293 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Mikael Olsson 
 11   as a Director    7,220,952,756   98.45     113,925,418    1.55   7,334,878,174           74.90%       19,242,817 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Deanna 
      Oppenheimer as 
 12   a Director       7,042,521,417   96.02     292,251,005    3.98   7,334,772,422           74.89%       19,348,569 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Simon 
      Patterson as a 
 13   Director         7,337,128,691   99.83      12,266,761    0.17   7,349,395,452           75.04%        4,725,539 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Alison Platt 
 14   as a Director    7,205,652,804   98.24     129,224,390    1.76   7,334,877,194           74.90%       19,243,797 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Lindsey 
      Pownall as a 
 15   Director         7,344,923,517   99.94       4,452,202    0.06   7,349,375,719           75.04%        4,745,272 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To re-elect 
      Alan Stewart 
 16   as a Director    7,320,093,707   99.60      29,327,125    0.40   7,349,420,832           75.04%        4,700,159 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To elect Ken 
      Murphy as a 
      Director 
      with effect 
      from 1 October 
 17   2020             7,334,242,761   99.80      15,037,922    0.20   7,349,280,683           75.04%        4,840,308 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To reappoint 
 18   the auditors     7,235,790,906   99.48      37,859,171    0.52   7,273,650,077           74.27%       80,470,914 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To authorise 
      the Directors 
      to determine 
      the auditors' 
 19   remuneration     7,306,181,090   99.38      45,212,146    0.62   7,351,393,236           75.06%        2,727,758 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To renew and 
      continue The 
      Tesco 
      PLC Share 
 20   Incentive Plan   7,313,662,240   99.50      36,410,137    0.50   7,350,072,377           75.05%        4,048,614 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To authorise 
      the Directors 
      to allot 
 21   shares           6,823,807,570   92.84     526,310,888    7.16   7,350,118,458           75.05%        4,002,533 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To authorise 
      the Directors 
      to disapply 
      pre-emption 
 22   rights*          7,210,606,039   98.19     132,626,899    1.81   7,343,232,938           74.98%       10,888,050 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To authorise 
      the Directors 
      to disapply 
      pre-emption 
      rights for 
      acquisitions 
      and capital 
 23   investment*      7,048,972,004   95.99     294,539,899    4.01   7,343,511,903           74.98%       10,609,085 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To authorise 
      the Company to 
      purchase 
      its own 
 24   shares*          7,197,967,280   98.02     145,191,029    1.98   7,343,158,309           74.98%       10,962,682 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To authorise 
      political 
      donations 
      by the Company 
      and its 
 25   subsidiaries     7,069,464,190   96.21     278,195,212    3.79   7,347,659,402           75.03%        6,461,589 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
      To authorise a 
      14 day notice 
      period 
      for general 
 26   meetings*        6,906,833,291   93.95     444,564,846    6.05   7,351,398,137           75.06%        2,722,854 
                                      ------  --------------  ------  --------------  ---------------  --------------- 
 

*Special resolutions

Resolution 2

While the Board is pleased that all other resolutions were carried with very large majorities, we are disappointed that the advisory vote on the Directors' Remuneration Report was not passed.

Following recent engagement on our Remuneration Report with a number of our larger shareholders, we have been reassured that the majority agree that the overall outcome of the 2017 PSP award is proportionate given the outstanding turnaround delivered by management. We recognise, however, that a significant number of shareholders had concerns with the principle of the Committee's adjustment to the TSR comparator group.

Following the AGM, the Remuneration Committee will continue to engage with shareholders to fully understand their concerns and will consider the full range of feedback as we prepare to put our Remuneration Policy to shareholders at the 2021 AGM in accordance with the requirements of the Companies Act. We will publish an update on our engagement, in accordance with the UK Corporate Governance Code, within six months of the 2020 AGM.

Notes

Results of the poll can also be viewed on the Company's website: https://www.tescoplc.com/investors/shareholder-centre/shareholder-meetings/

Please note a 'vote withheld' is not a vote under English law and is not counted in the calculation of votes 'for' and 'against' a resolution.

The total number of ordinary shares in issue on 24 June 2020 at 6.30pm was 9,793,496,561. Shareholders are entitled to one vote per share.

In accordance with Listing Rule 9.6.2 copies of the resolutions (other than those relating to ordinary business) will be submitted to the FCA National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

Enquiries:

   Group Company Secretary         Robert Welch    +44 (0) 7793 222569 

LEI Number: 2138002P5RNKC5W2JZ46

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END

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