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Gore Street Energy Storage Fund PLC on Wednesday said shareholders voted down proposals for board composition changes at its general meeting on Wednesday, but noted plans for ‘board refreshment’ following conversations with holders. The London-based investor in utility-scale energy storage projects said all four resolutions proposed by long-term shareholder RM Funds failed to pass, with the majority of shareholders voting in line with Gore Street Energy’s board recommendations. RM Funds served notice for the meeting back in July, proposing board changes following ‘sustained underperformance, a prolonged share price discount, and ongoing concerns regarding governance and strategic direction’. The long-term shareholder said it had been privately engaging with the board for more than six months, but said the board had rejected its most recent proposal, ‘leaving us no choice but to take this step.’ RM Funds proposed the appointment of Brett Miller and Ian Dixon as independent non-executive directors, who both have ‘considerable expertise in investment companies and infrastructure assets’. It also proposed the removal of Non-Executive Directors Patrick Cox and Caroline Banszky. On Wednesday, the proposed appointments of Miller and Dixon were voted against by 69.52% and 67.03% of participating shareholders respectively. The proposed removals of Cox and Banszky were voted against by 69.26% and 69.30% of participating shareholders. Despite shareholders voting in line with the board’s recommendations, the fund noted that a ‘significant minority’ voted in favour of the proposed resolutions, with Gore Street reporting plans for ‘board refreshment.’ ‘The board has listened to shareholder feedback received from the engagements over the past several months, including through direct meetings with a majority of shareholders,’ it said. ‘These discussions covered a range of topics, including board composition, capital allocation, and the company’s long-term strategic directions. With respect to board refreshment, the first new appointment is anticipated imminently, and a further appointment in 2026,’ it added. Gore Street said it plans to maintain an open and constructive dialogue with holders during this process, with it expecting to engage in formal shareholder discussions in around six months time to share an update. Shares in the fund were 1.6% lower at 61.03 pence on Wednesday afternoon in London. Chair Patrick Cox said: ‘We are grateful for the strong support shown by shareholders today. With the distraction of the general meeting now behind us, the board is fully focused on delivering the strategy we have outlined, including sale or co-investment for the company’s c.495MW of preconstruction assets, increasing the duration of key GB and Irish assets, increasing revenue through propriety revenue optimisation models, as well as seeking further cost reduction in addition to the IM fee reduction, and continuing the Board refreshment process already underway. I look forward to continuing the open dialogue with shareholders over the coming months.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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