Renishaw plc (the "Company")
2023
Annual General Meeting - Voting Results Update
Statement
The Board has continued to consider
the votes against resolutions 5, the re-election of Sir David
McMurtry (31.26%) and 6, the re-election of John Deer (28.48%)
(together, the "Founders") at the 2023 AGM held in
November.
Following the 2023 AGM, Sir David
Grant, Senior Independent Director, invited our largest
institutional shareholders who voted against the resolutions
(together holding 49.74%* of the independent shares and 23.45% of
total issued share capital) and those proxy advisory firms who
recommended voting against, to discuss their concerns. The Board
was pleased to see that the response rate to this year's invitation
was much higher than last year. Out of these responses, five
institutional investors requested a meeting, all of which were held
in March and April 2024. In addition to the absence of a
relationship agreement between the Founders and the Company, the
meetings focused on a range of topics including governance,
business and strategy, and approach to ESG. Key issues raised
related to board composition, diversity and succession planning.
The feedback received will be reported to the Board by the Senior
Independent Director for consideration.
The Nomination Committee continues to
monitor, and is supportive of, the current structure of the Board,
believing that it provides the Company with access to significant
strategic vision, commercial experience in addition to operational
and international expertise. It maintains a Board skills matrix
which is used to assess the skills and experience on the Board from
which action will be taken where it feels additional skills are
required to properly support the strategic objectives of the
business.
The Board is supportive of shareholder
engagement and continues to make itself available to shareholders
on request, to understand their views on these and any other
significant matters. The Board is also available at each AGM at
which shareholders have the opportunity to ask questions in advance
of meetings, as well as take part in a question and answer session
on the day. Our annual Capital Markets Day provides a further
opportunity for investors to engage with the Board. In addition, as
part of the Company's results webcasts, Q&A sessions continue
to be held with executive Board members, most recently the
Company's half-year results event which was attended by the Chief
Executive and Group Finance Director.
Karen Atterbury
Interim Company Secretary
16 May 2024
*
Based on holdings as at 8 January 2024 obtained from a shareholder
register analysis provided by the Company's corporate
broker.
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Renishaw plc
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Registered office:
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New Mills, Wotton-under-Edge,
Gloucestershire, GL12 8JR
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Registered number:
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01106260, England and Wales
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Telephone:
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+44 (0)1453 524524
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Website:
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www.renishaw.com
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