Ferrexpo holds annual meeting at which shareholders reject number of proposals from board of directors

KYIV. May 25 (Interfax-Ukraine) – The mining company Ferrexpo plc with assets in Ukraine held an annual general meeting of shareholders, at which a number of proposals from the board of directors were rejected.

Ferrexpo’s 2022 financials, including remuneration, were approved at Thursday’s AGM, according to the company’s stock announcement. In addition, re-elected directors are Graeme Dacomb, Lucio Genovese, Vitalii Lisovenko, Fiona MacAulay and Natalie Polischuk.

At the same time, the shareholders rejected a number of proposals, in particular – on the permission for the directors to distribute shares, the authority of the directors to cancel the preemptive right to purchase, the permission to the company to make market purchases of its own shares.

“The board of Ferrexpo notes that there were a significant proportion (more than 20%) of votes cast against the resolutions to authorize the directors to allot shares and to empower the directors to disapply pre-emption rights, and ultimately these resolutions did not pass. The board of Ferrexpo understands that this voting outcome was primarily as a result of the company’s largest shareholder not wanting to incur further dilution to its voting interest in the company. There were also a significant proportion (more than 20%) of votes cast against the re-election of one of our company directors based on the outcome of the votes of the independent shareholders,” the report reads.

“The board will consult and engage with shareholders to better understand the reasons behind these votes and will publish an update of its shareholder engagement within six months of today’s AGM,” according to the document.

“The board has elected to appoint Independent Non-executive Director Natalie Polischuk as Chair of the Group’s Health, Safety, Environment and Community (HSEC) Committee, in place of Ann-Christin Andersen who did not stand for re-election at the AGM. In addition, Greg Nortje, Group Chief Human Resources Officer, has been appointed as a member of the HSEC Committee, in place of Jim North, Chief Executive Officer. The changes are effective as of today,” the group said.

“The AMG decided to re-appoint MHA MacIntyre Hudson as the company’s auditors,” it says.


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