As all of the FTSE100 DRRs for the past season have now been released (see our blog post), we are in the midst of the final few FTSE100 AGMs. This past week has seen Smiths Group, BHP Billiton and BSkyB all hold their AGMs, with no contentious DRR votes to report. For completeness, the voting was as follows:
- Smiths Group – policy report 95.0%; implementation report 93.6%
- BHP Billiton – policy report 97.2%; implementation report 98.2%
- BSkyB – policy report 93.0%; implementation report 86.2%
The season concludes with Wolseley’s AGM on 25 November, and then Associated British Foods’ AGM on 5 December. We would expect to have the first few 2014 DRRs out by then, being the second round of DRRs that are required to comply with the new UK regime. Our single source document will continue to record the results of the AGMs, and we will launch a new document for the 2014/15 DRRs as they become available.
The first remuneration related General Meeting under the new regime was announced recently, with BG Group due to hold a shareholder meeting on 15 December 2014. The meeting is required to approve the proposed share award to the new CEO, Helge Lund, as the award is outside of the Remuneration Policy that was approved by shareholders in May. In addition, the maximum annual value of awards that was stated under that Remuneration Policy will be exceeded. BG Group has issued a Circular, RNS and a Summary of Principal Terms document to communicate the details of the proposed award and package to shareholders.