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LONDON - GCP Asset Backed Income Fund Limited announced today that shareholders approved all resolutions during its Annual General Meeting. The meeting, held at the company’s registered office, saw a total of 110,753,535 proxy votes.
Shareholders voted overwhelmingly in favor of adopting the annual report and financial statements for the year ended December 31, 2024, with 99.99% approval. The directors’ remuneration report received 99.97% approval, while the company’s dividend policy was also endorsed with 99.99% of the votes.
The re-election of directors was met with varying levels of support. Alex Ohlsson’s reappointment saw 80.35% votes in favor, which was significantly lower than the support for Marykay Fuller and Philip Braun, who received 98.35% and 98.5% approval, respectively. The board noted that the votes against Ohlsson’s re-election exceeded 10%, a threshold considered significant by some corporate governance guidelines.
Additionally, Grant Thornton was appointed as the company’s auditors, receiving 99.98% approval, and the Audit and Risk Committee was authorized to determine their remuneration with 99.99% of the votes. A special resolution allowing the directors to make market purchases of up to 14.99% of the issued share capital was passed with 99.99% approval.
The company acknowledged the need to engage with shareholders who voted against certain resolutions, particularly concerning Ohlsson’s re-election. In line with the AIC Code of Corporate Governance, which considers a 20% dissenting vote as significant, GCP Asset Backed plans to understand and address shareholder concerns.
The full text of the special resolutions, along with other meeting details, has been submitted to the National Storage Mechanism and will be available for public inspection.
This report is based on a press release statement from GCP Asset Backed Income Fund Limited.
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