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LONDON - Topps Tiles Plc, the UK’s leading tile specialist, has conducted consultations with shareholders following lower-than-expected support for several resolutions at its Annual General Meeting held on January 15, 2025.
The company reported Tuesday that while all resolutions passed with majorities exceeding 50%, four key resolutions received less than 80% approval. These included the remuneration report (60.49%), re-election of Rob Parker (60.48%), re-election of Diana Breeze (60.02%), and the issue of equity (60.54%).
In compliance with the UK Corporate Governance Code, Topps Tiles’ board has engaged with relevant shareholders to understand their concerns regarding these matters.
The company stated it will consider shareholder suggestions during its next comprehensive review of remuneration policy. Regarding leadership succession, Topps Tiles referenced its June 26 announcement of Alex Jensen’s appointment as CEO designate, effective September 15.
On the equity issuance resolution, which also faced significant opposition, the company defended the proposal as standard practice aligned with Investment Association guidelines.
"The Company will continue to engage with its shareholders on remuneration related matters," Topps Tiles noted in its statement, adding that the board considers all AGM resolutions to be in the best interests of all shareholders despite the voting results.
The statement was issued in accordance with UK Corporate Governance Code requirements for companies to consult with shareholders when significant portions vote against board recommendations.
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