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LONDON - AFC Energy PLC (AIM:AFC), a leading provider of hydrogen energy solutions, announced today that its Annual General Meeting (AGM) saw all proposed resolutions receive approval from its shareholders. The AGM, which took place earlier in the day, concluded with the successful passage of each item on the agenda by the requisite majority.
The resolutions included standard corporate matters such as the adoption of financial statements, re-appointment of the company’s auditors, and the re-election of several board members. Notably, the resolution to re-elect Director J Wilson was passed with 91.87% of the votes, while the re-election of G Bullard received 96.66% approval.
However, the vote on the company’s remuneration report garnered a noticeable split in shareholder opinion, with 77.09% voting in favor and a significant minority of 22.91% voting against. Acknowledging the dissent, the AFC Energy board expressed its intention to engage with shareholders to understand the reasons behind the opposition to the remuneration report. The company has committed to providing an update on the feedback received and any subsequent actions within six months of the AGM.
In addition to routine governance matters, shareholders also voted on a special resolution concerning the disapplication of pre-emption rights, which passed with 97.56% of the votes in favor.
The proxy voting results reflected a strong consensus among shareholders on the direction of the company, with the total votes cast, excluding withheld votes, ranging from approximately 109.4 million to 109.8 million across the various resolutions.
This announcement is based on a press release statement and provides an overview of the key outcomes of AFC Energy’s Annual General Meeting. The results indicate shareholder confidence in the company’s governance and strategic initiatives, while also highlighting an area of shareholder concern that the board plans to address.
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