Gateley chair hits out at absentee shareholders voting down virtual AGMs

Gateley’s chairman Nigel Payne has slammed absentee shareholders, who voted against allowing virtual annual general meetings (AGMs) to take place.

Payne said in an update to the London Stock Exchange that “none of the institutional shareholders who voted against this resolution have appeared in person at our AGM in the nine years that I have chaired the business.”

In his last AGM as chair, Payne said the decision was met “with disappointment and some considerable degree of frustration” as the average number of non-staff shareholders attending the AGM has been “less than one” over the past five years.

He said: “In my opinion, virtual AGMs are environmentally friendly, provide easier access to a broader range of shareholders, are commensurate with Gateley’s ESG policies and responsible business principles and generally attract higher attendances.”

Payne also hit out at a number of shareholders, which voted as recommended by “certain unregulated proxy voting advisers, without any consultation with the company.”

He encourage shareholders to communicate directly with Gateley, and to not “simply follow unregulated advice or indeed vote against board resolutions without the courtesy of first engaging with the company to see if any disagreements or misunderstandings might be resolved.”

All other resolutions had been passed at today’s AGM, other than resolution 9 to amend the company’s articles to allow virtual AGMs to take place.