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LONDON - XP Power Limited (LSE:XPP) disclosed Thursday that it has been engaging with shareholders following mixed voting outcomes at its Annual General Meeting (AGM) held on April 24, 2025.
The company reported that while most resolutions passed, shareholders rejected the advisory vote on the Directors’ Remuneration Report. Additionally, two other resolutions received significant opposition, with the re-election of Jamie Pike as Director and the authorization for Directors to allot shares each receiving approval from less than 80% of votes cast.
According to the company’s statement, shareholder concerns primarily centered on Executive Directors’ bonus outcomes, with some investors challenging "the level of payout in the wider performance context for the Company." The company noted that proxy voting advisors had recommended voting against the remuneration report.
Regarding Jamie Pike’s re-election, which received 77.80% approval, XP Power indicated that negative votes partly reflected "frustration from shareholders over company performance." The share allotment authorization, which passed with 74.85% support, faced opposition from two significant shareholders whose internal investment policies either oppose such authorizations or support lower thresholds.
The power solutions provider stated it "takes shareholder voting outcomes seriously" and has maintained dialogue with investors since the meeting. Feedback received will inform the Remuneration Committee’s upcoming triennial review of the Directors’ Remuneration Policy, which will be submitted for approval at the 2026 AGM.
XP Power noted that despite seeking the share allotment authority, the Directors "have no present intention to use this authority" but wish to maintain flexibility in managing financial resources.
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