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Standard Chartered PLC - London-headquartered bank with presence in Asia, the Middle East, Africa and the Americas - Says all resolutions at annual general meeting passed except for the shareholder requisition resolution 32, which was not recommended by the board and did not pass. The proposal, which sought a revised net-zero strategy and for StanChart to report annually under this strategy, saw 88% of votes cast against it, with just 12% in favour.
Though the resolutions were both passed, proposals to approve the annual report on remuneration and to approve the directors' remuneration policy saw 27% and 31% of votes cast against them, respectively.
On the remuneration votes, StanChart says: ‘The views of all shareholders are important to us, and we acknowledge that concerns have been raised by some shareholders on the 2021 report and specific areas of the proposed policy. We will continue to engage with shareholders on these important issues in the forthcoming months and will publish an update on that engagement within six months of the AGM.’
Shareholders voted 14% against the re-election of Non-Executive Jasmine Whitbread - who is also chair of Travis Perkins PLC and a non-executive director at WPP PLC - and 17% against endorsing the company's net zero by 2050 pathway.
Current stock price: 568.80 pence
12-month change: up 9.5%
By Lucy Heming; lucyheming@alliancenews.com
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