TIDMLLOY
RNS Number : 6759N
Lloyds Banking Group PLC
21 May 2020
21 May 2020
ANNUAL GENERAL MEETING OF LLOYDS BANKING GROUP PLC
Following the annual general meeting held today, Lloyds Banking
Group plc (the "Company") announces that all resolutions put to
shareholders at the meeting were passed by the requisite
majorities. Resolutions 1 to 16 (inclusive) and 18 to 23
(inclusive) were passed as ordinary resolutions. Resolutions 24 to
29 (inclusive) were passed as special resolutions. As detailed in
our announcement dated 31 March 2020, Resolution 17, the resolution
seeking approval of a final dividend, was withdrawn. A poll was
held on each of the resolutions proposed. The results of the polls
are as follows:
Resolution Votes % of Votes % of Total Votes Total Votes
For Votes Against Votes Validly Cast Votes Withheld
Cast Cast Cast
as a %
of the
Ordinary
Shares
in Issue
Receive the report and
accounts
for the year ended 31
December
1. 2019 46,385,399,885 99.78 100,797,171 0.22 46,486,197,056 65.97% 148,066,914
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Election of Mr W L D
2. Chalmers 46,257,064,694 99.27 339,538,471 0.73 46,596,603,165 66.13% 37,426,569
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
3. Election of Ms S C Legg 46,534,778,026 99.87 62,060,317 0.13 46,596,838,343 66.13% 37,132,987
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
4. Election of Ms C M Woods 46,532,773,900 99.86 63,491,048 0.14 46,596,264,948 66.13% 37,754,036
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Re-election of Lord
5. Blackwell 45,950,487,679 98.61 647,815,823 1.39 46,598,303,502 66.13% 36,052,161
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Re-election of Mr J
6. Colombás 46,474,173,136 99.77 106,374,839 0.23 46,580,547,975 66.10% 47,925,158
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Re-election of Mr A P
7. Dickinson 45,955,680,656 98.62 640,845,241 1.38 46,596,525,897 66.13% 37,532,982
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Re-election of Mr S P
8. Henry 46,045,987,873 98.90 512,261,649 1.10 46,558,249,522 66.07% 75,785,632
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Re-election of Mr A
9. Horta-Osório 46,475,394,370 99.73 125,448,042 0.27 46,600,842,412 66.13% 33,434,942
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Re-election of Lord
10. Lupton 46,519,240,494 99.83 78,059,697 0.17 46,597,300,191 66.13% 36,733,734
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Re-election of Ms A F
11. Mackenzie 46,352,382,064 99.47 244,634,832 0.53 46,597,016,896 66.13% 36,964,425
------------------------- --------------- ------ --------------- -------- --------------- --------- ----------------
Re-election of Mr N E T
12. Prettejohn 46,101,565,279 98.94 494,841,403 1.06 46,596,406,682 66.13% 37,551,359
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Re-election of Mr S W
13. Sinclair 45,840,943,328 98.38 755,624,877 1.62 46,596,568,205 66.13% 37,333,097
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Re-election of Ms S V
14. Weller 46,173,945,676 99.09 423,669,897 0.91 46,597,615,573 66.13% 36,298,155
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Approval of the
Directors'
remuneration policy
section
of the Directors'
remuneration
15. report 29,212,979,494 63.82 16,562,445,285 36.18 45,775,424,779 64.96% 858,667,359
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Approval of the annual
report
on remuneration section
of
the Directors'
remuneration
16. report 44,123,583,254 94.97 2,338,508,167 5.03 46,462,091,421 65.94% 171,918,698
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
17. Approval of a final resolution withdrawn
ordinary
dividend of 2.25 pence
per
ordinary share
------------------------- ------------------------------------------------------------------------------------------------
Re-appointment of the
18. auditor 44,439,359,832 95.36 2,164,220,509 4.64 46,603,580,341 66.14% 30,461,144
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Authority to set the
remuneration
19. of the auditor 45,623,161,774 97.92 969,398,832 2.08 46,592,560,606 66.12% 41,340,125
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Approval of the Lloyds
Banking
Group Long Term Share
Plan
20. 2020 rules 29,477,483,305 63.69 16,806,809,888 36.31 46,284,293,193 65.68% 349,836,227
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Authority to make
political
donations or to incur
political
21. expenditure 45,039,421,206 96.70 1,537,450,055 3.30 46,576,871,261 66.10% 57,288,535
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Directors' authority to
allot
22. shares 44,135,552,845 94.70 2,470,770,682 5.30 46,606,323,527 66.14% 27,729,694
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Directors' authority to
allot
shares in relation to
the
issue of Regulatory
Capital
23. Convertible Instruments 45,896,314,991 98.54 678,679,114 1.46 46,574,994,105 66.10% 58,938,280
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Limited disapplication
of
pre-emption rights
(ordinary
24. shares) 45,809,090,501 98.31 789,449,619 1.69 46,598,540,120 66.13% 35,182,279
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Limited disapplication
of
pre-emption rights in
the
event of financing an
acquisition
or other capital
25. investment 45,334,815,844 97.29 1,262,670,928 2.71 46,597,486,772 66.13% 36,266,642
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Limited disapplication
of
pre-emption rights in
relation
to the issue of
Regulatory
Capital Convertible
26. Instruments 45,405,339,628 97.45 1,190,312,519 2.55 46,595,652,147 66.13% 37,710,116
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Authority to purchase
own
27. ordinary shares 45,900,075,158 98.51 696,287,155 1.49 46,596,362,313 66.13% 37,697,400
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Authority to purchase
own
28. preference shares 46,291,008,556 99.35 303,684,816 0.65 46,594,693,372 66.12% 39,260,045
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Notice period for
general
29. meetings 44,124,261,322 94.66 2,487,836,025 5.34 46,612,097,347 66.15% 21,511,013
------------------------- --------------- ------ --------------- ------ ----------------- --------- ----------------
Notes
For all resolutions, as at 6.30 pm on 19 May 2020 (the time at
which shareholders who wanted to attend, speak and vote at the
meeting were required to have their details entered in the register
of members), there were 70,465,376,199 ordinary shares in
issue.
Ordinary shareholders are entitled to one vote per share. Votes
withheld are not votes and, therefore, have not been counted in the
calculation of the proportion of votes for and against a
resolution.
In accordance with the Listing Rule 9.6.2, copies of the
resolutions will be submitted to the National Storage Mechanism and
will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
As previously announced, as a result of the COVID-19 pandemic
and the measures put in place by the UK and Scottish Governments to
reduce the transmission of COVID-19, the annual general meeting was
held as a closed meeting at the Company's registered office located
at The Mound, Edinburgh, EH1 1YZ, with only the minimum number of
shareholders present as required to form a quorum under the
Company's articles of association, who were all employees of Lloyds
Banking Group. All valid proxy votes and voting instructions
(whether submitted electronically or in hard copy form) were
included in the poll taken at the meeting.
Resolutions 15 and 20
Over the past 9 months, we have consulted extensively on our new
remuneration policy which is designed to reflect better the Group's
purpose, the evolving societal views on remuneration and desired
outcomes for all stakeholders including a significant reduction in
maximum compensation levels. We gained considerable positive
feedback and support during the consultation from a range of
shareholders, both large and small, and we appreciate their ongoing
engagement and support. The Board recognises that developing a new
remuneration approach that meets the needs of all shareholders is
difficult, but felt the introduction of this new policy, which
includes a significant reduction and harmonisation in pension
contributions, would ensure greater alignment with
shareholders.
The Board welcomes the broad shareholder support for the new
Remuneration Policy (Resolution 15) and Long Term Share Plan
(Resolution 20) which were approved with a majority of close to
64%, but notes there were a significant number of votes opposing
the resolutions. The Board appreciates that restricted share
schemes remain a relatively new concept and that practice continues
to evolve. We are also aware from our extensive pre AGM
consultation that a number of investors have expressed reservations
about different aspects of the plan, including the desire for still
further simplification. In the light of today's votes we will
continue to consult with shareholders and other stakeholders and
will consider the full range of feedback as we implement our new
remuneration policy.
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END
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