REG-Genel Energy PLC Genel Energy PLC: Results of AGM

Genel EnergyAnnouncement

09/05/2024 13:15

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   Genel Energy PLC (GENL)
   Genel Energy PLC: Results of AGM

   09-May-2024 / 13:00 GMT/BST

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   9 May 2024

     

                                 Genel Energy plc

                   Results of Annual General Meeting 9 May 2024

    

   The Annual General Meeting of Genel  Energy plc was held today, Thursday,  9
   May 2024 and the results of the votes by shareholders are set out below. The
   number of ordinary shares of £0.10p each in the Company in issue at the date
   of the meeting was 279,402,863 and each share attracted one vote.

    

   The results were as follows:

    

   Resolutions           For        %     Against     %    Withheld    Total
                                                                      lodged
    1. To receive
       the audited
       financial
       statements of 195,330,706 100.00%     0      0.00%  784,044  195,330,706
       the Company
       for the year
       ended 31
       December 2023
    2. To approve
       the
       Remuneration  142,845,544 73.13%  52,477,876 26.87% 791,330  195,323,420
       Policy for
       Directors
    3. To approve
       the Annual
       Report on
       Remuneration  145,795,416 74.64%  49,530,304 25.36% 789,030  195,325,720
       for the year
       ended 31
       December 2023
    4. To re-elect
       Mr David
       McManus as a  145,833,170 74.66%  49,487,313 25.34% 794,267  195,320,483
       Non‑Executive
       Director
    5. To re-elect
       Mr Paul Weir
       as an         194,947,599 99.81%   378,384   0.19%  788,767  195,325,983
       Executive
       Director
    6. To re-elect
       Mr Ümit Tolga
       Bilgin as a   144,641,492 66.80%  71,899,074 33.20% 788,766  216,540,566
       Non-Executive
       Director
    7. To re-elect
       Ms Canan
       Ediboglu as   194,870,128 89.99%  21,670,437 10.01% 788,767  216,540,565
       Non-Executive
       Director
    8. To re-elect
       Mr Yetik K.
       Mert as a     194,870,008 99.77%   455,974   0.23%  788,768  195,325,982
       Non-Executive
       Director
    9. To appoint
       BDO LLP as
       the Company’s 195,244,728 99.96%    82,950   0.04%  787,072  195,327,678
       auditor

    
   10. To authorise
       the Directors
       to set the    195,186,671 99.93%   142,869   0.07%  785,210  195,329,540
       Auditor’s
       fees
   11. To give the
       Company
       limited
       authority to  195,176,574 99.92%   161,132   0.08%  777,044  195,337,706
       make
       political
       donations and
       expenditure
   12. To authorise
       the Company
       to purchase   146,134,451 67.48%  70,424,338 32.52% 770,543  216,558,789
       its Ordinary
       Shares
   13. To permit the
       Company to
       hold general
       meetings,
       other than an 195,202,351 90.14%  21,348,438 9.86%  778,543  216,550,789
       AGM, on not
       less than 14
       clear days’
       notice

    

   Following the retirement of Sir Michael Fallon at today’s AGM, the Company’s
   search for  a  new  Independent Non-Executive  Director  is  ongoing.  Canan
   Ediboglu  has  been  appointed  Interim  Senior  Independent   Non-Executive
   Director.

    

   The Board of Directors notes that, although  resolutions 2, 3, 4, 6, and  12
   were passed  with the  requisite majorities,  over 20%  of votes  were  cast
   against. The  Board  will take  note  of the  voting  and will  engage  with
   shareholders to  further understand  the reasons  for the  significant  vote
   against these resolutions.

    

   It is noted that, while ISS recommended voting in favour of all resolutions,
   Glass Lewis  recommended  voting  against resolution  2  on  the  Directors’
   Remuneration Policy, due to their judgement that the Remuneration  Committee
   retains “the discretion to grant potentially excessive awards to  executives
   on recruitment.”  Genel  is an  international  business with  operations  in
   challenging overseas jurisdictions, competing against a wide range of global
   listed and private companies for senior talent. The flexibility the  Company
   has in relation to  recruitment packages has been  in place since 2014,  and
   the  Company has not exercised this  flexibility since such date. The  Board
   of Directors continues to believe that this flexibility is reasonable and in
   the best interests of our shareholders,  but will discuss this further  with
   major shareholders.

    

   The full text of the  resolutions may be found in  the Notice of the  Annual
   General Meeting, copies of which are available on both the Company's website
    1 www.genelenergy.com   and    on    the   National    Storage    Mechanism
    2 https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    

   A copy of  the special  resolutions (resolutions 12  and 13)  passed at  the
   Annual  General  Meeting,  have  been  submitted  to  the  National  Storage
   Mechanism   and   will    shortly   be   available    for   inspection    at
    3 https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    

                                      -ends-

    

   For further information, please contact:

    

   Genel Energy
                                         +44 20 7659 5100
   Andrew Benbow, Head of Communications
                                          
   Vigo Consulting
                                         +44 20 7390 0230
   Patrick d’Ancona

    

   Notes to editors:

   Genel Energy  is a  socially responsible  oil producer  listed on  the  main
   market of the London Stock Exchange (LSE: GENL, LEI:  549300IVCJDWC3LR8F94).
   Genel has low-cost and  low-carbon production from  the Kurdistan Region  of
   Iraq,  and  continues  to  seek  opportunities  to  add  new  resilient  and
   cash-generative assets  to its  portfolio. For  further information,  please
   refer to  4 www.genelenergy.com.

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ════════════════════════════════════════════════════════════════════════════

   ISIN:          JE00B55Q3P39, NO0010894330
   Category Code: RAG
   TIDM:          GENL
   LEI Code:      549300IVCJDWC3LR8F94
   Sequence No.:  320611
   EQS News ID:   1899805


    
   End of Announcement EQS News Service

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