Investors and shareholders enjoyed a relatively peaceful four-day week last week, with only four FTSE100 companies publishing their DRRs (albeit Morrison released its DRR in the last hour of the financial week) and four FTSE100 companies holding their AGMs.
The published DRRs in the week commencing 14 April 2014 were:
- Legal & General Group
- Wm Morrison Supermarkets
The four companies that held their AGMs during that week were:
- Rio Tinto
As Rio Tinto is dual listed, details of the votes for and against the two parts of its DRR won’t be available until the AGM in Australia has been held (on 8 May 2014) and Carnival has not published its voting results yet. However, the other two companies that held their AGMs last week both received resounding “yes” votes in respect of both the policy report and the implementation report. Bunzl received an overwhelming 97.8% approval for both the policy and implementation report. Persimmon received a slightly lower percentage of votes in favour than Bunzl, but was still over the 90% approval threshold (90.8% of votes were in favour of the policy report and 93.2% were in favour of the implementation report).
With seven AGMs coming up this week (including Pearson, which released an addendum to its DRR following shareholder pressure – see our blog post for the details) it will be interesting to see if last week’s trend of high votes in favour continues. Possibly not, particularly if the Financial Times‘ report on Tuesday evening that some of Barclays’ shareholders are planning a vote against the company’s pay policies at the AGM (on Thursday 24 April) is accurate.
As always, the results from FTSE100 companies’ AGMs will be detailed in our single source document, and our weekly updates will also keep you informed.