On May 23, 2024, Quilter plc held its Annual General Meeting (AGM), where all proposed resolutions were passed by the requisite majorities. This comprehensive review provides a detailed breakdown of the resolutions, voting outcomes, and the company’s commitment to engaging with shareholders.
Resolutions and Voting Outcomes
Ordinary Resolutions
Quilter plc proposed 15 ordinary resolutions at the AGM. These resolutions covered a range of standard business matters.
Resolution 1: Receive 2023 Report and Accounts
This resolution passed with unanimous support.
- For: 1,070,505,053 votes (100.00%)
- Against: 11,416 votes (0.00%)
- Votes Withheld: 2,765,673
Resolution 2: Approve Remuneration Report
Shareholders approved the remuneration report with strong support.
- For: 1,042,122,729 votes (97.13%)
- Against: 30,842,412 votes (2.87%)
- Votes Withheld: 317,021
Resolution 3: Declare a Final Dividend
This resolution also saw overwhelming support.
- For: 1,072,971,150 votes (100.00%)
- Against: 2,570 votes (0.00%)
- Votes Withheld: 308,422
Director Re-Elections
Shareholders re-elected several directors with high approval ratings.
| Director | For Votes | Against Votes | Votes Withheld |
|---|---|---|---|
| Neeta Atkar MBE | 1,064,021,974 (99.17%) | 8,926,893 (0.83%) | 331,777 |
| Tim Breedon CBE | 1,063,919,943 (99.16%) | 9,034,396 (0.84%) | 326,305 |
| Chris Hill | 1,072,905,907 (100.00%) | 48,433 (0.00%) | 326,304 |
| Moira Kilcoyne | 1,072,934,326 (100.00%) | 18,065 (0.00%) | 328,253 |
| Steven Levin | 1,072,938,704 (100.00%) | 15,399 (0.00%) | 326,541 |
Auditor Appointment
Resolution 13 reappointed PricewaterhouseCoopers LLP as the company’s auditor.
- For: 1,071,204,195 votes (99.84%)
- Against: 1,744,742 votes (0.16%)
- Votes Withheld: 331,707
Special Resolutions
Quilter plc proposed two special resolutions, which required a higher voting threshold.
Resolution 16: Authorise Share Purchase
This resolution authorises Quilter to purchase its own shares.
- For: 1,070,926,970 votes (99.83%)
- Against: 1,847,435 votes (0.17%)
- Votes Withheld: 507,737
Resolution 17: Authorise Contingent Purchase Contracts
This resolution enables Quilter to enter into contingent purchase contracts.
- For: 1,071,022,750 votes (99.84%)
- Against: 1,747,641 votes (0.16%)
- Votes Withheld: 511,751
Significant Opposition to Political Donations
Resolution 15: Authorise Political Donations
This resolution faced notable opposition, with over 20% of votes cast against it. This reflects shareholder concerns about political donations.
- For: 780,449,542 votes (72.74%)
- Against: 292,508,264 votes (27.26%)
- Votes Withheld: 324,336
Shareholder Engagement
Quilter plc has actively engaged with shareholders since its listing in 2018. The company understands shareholder concerns, particularly from South African investors, regarding political donations. Quilter commits to ongoing dialogue with shareholders, in line with the UK Corporate Governance Code. An update on these discussions will be provided in due course.
Company Overview and Financial Performance
Quilter plc is a leading provider of financial advice, investments, and wealth management. The company oversees £111.6 billion in customer investments as of March 31, 2024. Quilter’s business is divided into two main segments: Affluent and High Net Worth.
Affluent Segment
This segment includes Quilter Financial Planning, the Quilter Investment Platform, and Quilter Investors. These entities provide comprehensive financial planning and multi-asset investment solutions.
High Net Worth Segment
This segment includes Quilter Cheviot and Quilter Cheviot Financial Planning. They offer discretionary fund management and specialized financial planning services.
Conclusion
The 2024 Quilter plc AGM highlighted strong shareholder support for most resolutions, with a notable exception regarding political donations. The company’s commitment to shareholder engagement and transparency remains a cornerstone of its governance practices. As Quilter continues to navigate market practices and shareholder expectations, it strives to uphold its position as a leading wealth manager in the UK. Future updates on shareholder discussions and strategic decisions will be keenly anticipated by investors and stakeholders alike.