Standard Life's first annual general meeting since its listing on the London Stock Exchange in July last year has seen shareholders pass all proposed resolutions including agreeing a first dividend of 5.4p a share.
The AGM, which included the re-election of directors including Sandy Crombie and Trevor Matthews and the re-appointment of PriceWaterhouseCoopers as auditors, also saw Sir Brian Stewart stepping down from his role as chairman of the company.
Stewart, who has been a director of Standard Life Assurance since 1993 before becoming chairman in 2003, was appointed director and chairman of Standard Life PLC in March last year, and will now be replaced by Gerry Grimstone, formerly deputy chairman of the Board.
In addition, the AGM saw shareholders endorse the special resolutions which include providing the company with the authority to buy-back up to 10% of its issued ordinary shares, although Standard says the directors do not currently intend to use the facility and it is included to provide flexibility.
Shareholders also approved the resolution which allows the company to “disapply share pre-emption rights”.
At the moment where shares are being issued for cash, the Companies Act 1985 states these shares have to be first offered to existing shareholders based on the proportion of shares held.
However, the resolution which was passed earlier today will allow the directors to issue up to approximately 5% of the total issued share capital in alternative ways, where it believes it is in the best interests of the members.
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