Update on 2021 AGM Resolution Vote
Updated : 13:00
Biffa plc
18 January 2022
Update on 2021 Annual General Meeting Resolution Vote
Biffa plc (the "Company") is providing this update, following the total votes in favour of resolution 6 (re-election of K Lever ("Chairman")) at the Company's annual general meeting ("AGM") held on 19 July 2021 being below 80%.
The Company extensively consulted and engaged with its shareholders following the AGM held in July 2020 to better understand concerns regarding the resolution to re-elect the Chairman. Feedback was received that the votes were influenced by the Chairman's board commitments not meeting numerical overboarding guidelines and the board of the Company (the "Board") not meeting the gender diversity requirements of shareholders and proxy advisers.
Recognising the concerns of some shareholders, the Chairman gave a commitment in June 2021 to review his board appointments with a view to complying with numerical overboarding guidelines by the time of the Company's AGM in July 2022.
The Chairman has confirmed to the Company that he will step down as a Non-Executive Director of the board of Blue Prism plc following completion of its takeover and delisting (expected to be by the end of March 2022). The Chairman has also confirmed that following the shareholder support in December 2021 of the resolution to put the investment company Gresham House Strategic plc (now renamed Rockwood Realisation plc ("Rockwood")) into run off, Rockwood will be appointing a new Chair who will be reviewing the composition of the board at which time his position on that board will be considered.
With respect to gender diversity, the Company has an objective of reaching the Hampton Alexander Review target of one-third female representation by its AGM in July 2022. Following changes to the Board at the end of 2021, the Company is pleased to confirm that objective has been met and exceeded with female representation increasing to 43%.
The Company will set out further details within the Company's 2022 Annual Report and Accounts.
Enquiries
Sarah Parsons, General Counsel & Company Secretary
Media & Analysts
Houston
T: +44 (0) 204 529 0549
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