UTILICO EMERGING MARKETS TRUST PLC

AGM Information • Sep 20, 2022

National Storage Mechanism | Additional information

RNS Number : 0274A

Utilico Emerging Markets Trust PLC

20 September 2022

20 September 2022

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

Result of Annual General Meeting

Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2022 Annual General Meeting of its shareholders on 20 September 2022.

All resolutions proposed at the meeting were passed on a show of hands.  A copy of the Notice of Meeting is available at www.uemtrust.co.uk. 

The proxy voting figures received in advance of the meeting are shown below.

Resolution	Votes for/ discretionary	%	Votes against	%	Total votes cast	Votes withheld
Ordinary Resolutions
1. To receive the Company's Accounts and the Reports of the Directors and Auditor	137,174,968	100.00	159	0.00	137,175,127	18,007
2. To approve the Directors' Remuneration Policy	137,077,065	99.94	75,647	0.06	137,152,712	40,422
3. To approve the Directors' Remuneration Report	137,072,932	99.95	65,763	0.05	137,138,695	54,439
4. To approve the Company's dividend policy	137,173,149	100.00	41	0.00	137,173,190	19,944
5. To elect Mr Bridgeman	137,164,476	99.99	7,523	0.01	137,171,999	21,135
6. To elect Ms Liu	137,161,455	99.99	8,607	0.01	137,170,062	23,072
7. To re-elect Mr Rennocks	137,163,341	100.00	6,721	0.00	137,170,062	23,072
8. To re-elect Ms Hansen	103,638,782	75.55	33,531,280	24.45	137,170,062	23,072
9. To re-elect Mr Stobart	109,925,227	80.14	27,244,835	19.86	137,170,062	23,072
10. To re-appoint KPMG LLP as auditor of the Company	137,038,485	99.92	115,427	0.08	137,153,912	39,222
11. To authorise the Directors to determine the auditor's remuneration	137,152,548	99.99	17,199	0.01	137,169,747	23,387
12. To authorise the Directors to allot securities	137,126,099	99.98	33,007	0.02	137,159,106	34,028
Special Resolutions
13. To authorise the Directors to disapply pre-emption rights	137,031,803	99.90	137,980	0.10	137,169,783	23,351
14. To authorise the Company purchase its own shares	137,148,150	99.98	24,799	0.02	137,172,949	20,185

The Board has noted that shareholder proxies representing 24.45% of the shares voted (representing 16.16% of the issued share capital) were against the annual re-election of Ms Susan Hansen.  Ms Hansen is also a director of a company associated with the Investment Managers and is therefore not deemed to be independent. The vast majority of these shares were voted by one shareholder, with whom the Company has previously engaged, and who indicated its opposition to those directors it did not believe are sufficiently independent.

In accordance with the principles of the UK Corporate Governance Code, all Directors offer themselves for re-election annually. The Board is firmly of the view that Ms Hansen is and remains independent in character and judgement and that her appointment to the Board is in the best interests of the Company and its shareholders.  The Company announced the appointments last year of Mark Bridgeman and Isabel Liu as new independent directors to the Board of UEM and the Board continues to consider board refreshment.

A copy of the full text of the resolutions (other than those resolutions comprising ordinary business) will shortly be made available for inspection on the National Storage Mechanism at http://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Name of contact and telephone number for enquiries:

ICM Investment Management Limited                                 +44(0)1372 271486

Charles Jillings / Alastair Moreton

Montfort Communications

Gay Collins, Pippa Bailey                                                       +44(0)20 3770 7913

utilico@montfort.london

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