Gemfields Group Limited held its Annual General Meeting (AGM) on June 25, 2024. The meeting took place in London. Shareholders voted on several resolutions. Most resolutions were passed with significant support. However, one special resolution failed to meet the required threshold.
Attendance and Voting Statistics
Shareholders’ Presence
The total number of Ordinary Shares with voting rights is 1,166,695,130. The number of shares present or represented, including proxies, was 785,134,494. This represents 67.30% of the total Ordinary Shares.
| Category | Number of Shares | Percentage (%) |
|---|---|---|
| Total Ordinary Shares | 1,166,695,130 | 100.00 |
| Shares Represented | 785,134,494 | 67.30 |
Ordinary Resolutions
Resolution 1: Adoption of Annual Report
The adoption of the Company’s Annual Report for 2023 was approved. All votes were in favor.
| Resolution | For | Against | Abstain |
|---|---|---|---|
| Annual Report Adoption | 785,106,596 | 0 | 27,898 |
Resolution 2: Re-election of Mary Reilly
Mary Reilly was re-elected as a Director. 76.96% of votes supported this resolution.
| Resolution | For | Against | Abstain |
|---|---|---|---|
| Mary Reilly | 604,127,634 | 180,832,078 | 174,782 |
Resolution 3: Re-election of Kwape Mmela
Kwape Mmela was re-elected as a Director with 99.97% support.
| Resolution | For | Against | Abstain |
|---|---|---|---|
| Kwape Mmela | 784,693,835 | 266,677 | 173,982 |
Resolution 4: Mary Reilly to Audit Committee
Mary Reilly was re-elected to the Audit Committee with 76.95% support.
| Resolution | For | Against | Abstain |
|---|---|---|---|
| Mary Reilly | 604,053,636 | 180,906,876 | 173,982 |
Resolution 5: Lumkile Mondi to Audit Committee
Lumkile Mondi was re-elected to the Audit Committee with 76.98% support.
| Resolution | For | Against | Abstain |
|---|---|---|---|
| Lumkile Mondi | 604,241,274 | 180,718,438 | 174,782 |
Resolution 6: Re-appointment of Auditor
Ernst & Young LLP was re-appointed as the Company’s auditor until the 2025 AGM.
| Resolution | For | Against | Abstain |
|---|---|---|---|
| Auditor Re-appointment | 785,036,164 | 83,548 | 14,782 |
Special Resolutions
Special Resolution 1: Issuance of Shares for Cash
The special resolution to issue shares for cash and waive pre-emption rights did not pass. It required a 75% majority but received only 65.39% support.
| Resolution | For | Against | Abstain |
|---|---|---|---|
| Issuance of Shares for Cash | 513,345,866 | 271,753,154 | 35,474 |
Non-binding Advisory Votes
Remuneration Policy
The Company’s Remuneration Policy received 99.53% support.
| Resolution | For | Against | Abstain |
|---|---|---|---|
| Remuneration Policy | 781,415,594 | 3,662,913 | 55,987 |
Remuneration Implementation Report
The Remuneration Implementation Report was endorsed by 76.53% of shareholders.
| Resolution | For | Against | Abstain |
|---|---|---|---|
| Remuneration Implementation Report | 600,836,842 | 184,241,665 | 55,987 |
Conclusion
Gemfields’ AGM saw most resolutions pass, reflecting strong shareholder support. The company continues to lead in responsible gemstone mining and marketing. The failed special resolution on share issuance indicates areas for potential improvement.
