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:

 

 

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 www.genelenergy.com and on the National Storage Mechanism 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 https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

-ends-

 

For further information, please contact:

 

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

 

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 www.genelenergy.com.