Purplebricks’ senior management avoided a shareholder revolt yesterday during the company’s Annual General Meeting (AGM).
Last weekend, it emerged via the Sunday Times that a shareholder advisory service had urged investors to revolt over bonuses being paid to management.
ISS said this is due to Purplebricks’ management awards not being subject to performance hurdles, while the agency responded by saying its executives are not ‘especially well paid’.
The voting figures, released yesterday afternoon, show that while the revolt didn’t take place, there was still a minor hiccup for the agency’s senior management when it came to the first vote on report and accounts.
The resolution to receive the report and accounts was passed by 99% of shareholders, with just 0.99% voting against.
However, 95,612 votes were withheld – equivalent to abstention – the highest number recorded across the AGM.
All other motions were passed, with the next highest number of withheld votes at 3,528 – relating to the motions to reappoint Deloitte LLP as auditors and to disapply pre-emption rights.
The resolution to re-elect Mike Wroe, senior independent non-executive director and audit committee chair, had the lowest percentage of ‘for’ votes at 98.24%.
Following the AGM, the troubled agency’s share price remained steady yesterday, closing at its original starting price of 108p.
Purplebricks also announced yesterday that it will release a trading update for the six months to October 31 2019 on November 7.