Genel Energy PLC Announces AGM Results and Addresses Shareholders' Concerns

On May 9, 2024, Genel Energy plc conducted its Annual General Meeting (AGM), revealing detailed voting results on various company resolutions. The company highlighted key decisions, including the unanimous approval of the audited financial statements for the year ending December 31, 2023. Other significant items on the agenda included the approval of the Directors’ Remuneration Policy and Annual Report on Remuneration, despite some opposition noted in the votes.

Noteworthy was the re-election of various board members, including Paul Weir and Canan Ediboglu, with high approval rates exceeding 89%. However, resolutions such as the Directors’ Remuneration Policy faced scrutiny, with 26.87% voting against, attributed to disagreements over potential excessive executive awards. The board announced plans to engage with shareholders to understand and address the dissent on this and other issues.

The AGM also marked the retirement of Sir Michael Fallon, prompting an ongoing search for a new Independent Non-Executive Director. In the interim, Canan Ediboglu will serve as Senior Independent Non-Executive Director. The board expressed its intent to further discuss controversial topics with major shareholders, reflecting its commitment to transparency and shareholder engagement.