The Annual General Meeting gives shareholders the opportunity to vote on various company matters either by attending the meeting or by appointing a proxy. It also provides the chance to ask formal questions of the Saga plc Board during the meeting. If, however, you are unable to attend the meeting, we would welcome your feedback in advance.
You can contact us here.
2023 Annual General Meeting
The 2023 Saga plc Annual General Meeting (AGM) was held on 20 June 2023 at 11.00am at Numis Securities Limited, 45 Gresham Street, London EC2V 7BF. The results of the AGM can be found here.
As at 9 May 2023 (being the latest practicable date before publication of the Notice), the Company’s issued share capital consisted of 140,337,271 Ordinary Shares, carrying one vote each. No shares were held in treasury. Therefore, the total voting rights in the Company at 9 May was 140,337,271.
2022 Annual General Meeting
The 2022 Saga plc AGM was held on 5 July 2022 at 11.00am at Enbrook Park, Sandgate, Folkestone, Kent CT20 3SE. The results of the AGM can be found here.
As at 23 May 2022 (being the latest practicable date before publication of the Notice), the Company’s issued share capital consisted of 140,337,271 Ordinary Shares, carrying one vote each. No shares were held in treasury. Therefore, the total voting rights in the Company at 23 May was 140,337,271.
At the 2022 AGM, the votes on the Remuneration Policy were as follows:
|Number of votes||% of votes cast|
|Total votes cast||72,982,813|
|% of issued share capital||52.01|
This statement is published in accordance with Provision 4 of the UK Corporate Governance Code which states that companies should publish an update of the actions taken following a vote against an AGM resolution of 20 per cent or more.
At the Saga plc AGM on 5 July 2022:
- Resolution 3 - to approve the Directors' Remuneration Report received support of 79.96 per cent from shareholders.
- Resolution 4 - to approve the Directors' Remuneration Policy received support of 79.74 per cent from shareholders.
Whilst the Company is pleased that the majority of shareholders supported the resolution, the Remuneration Committee took various steps to understand the reasons behind the votes against.
Leading up to the AGM, the Remuneration Committee Chair engaged with the top 20 shareholders and held meetings to understand the likely voting position of shareholders. The Remuneration Committee (the Committee) appreciates and values time taken by investors who expressed their views and understands that the views expressed in relation to the report, were regarding the alignment of bonus payouts with the Company's overall performance and shareholder experience in addition to the high salary positioning. With respect to the Policy views were primarily connected to the introduction of the Saga Transformation Plan (STP) alongside the Restricted Share Plan (RSP), albeit the RSP was scaled back by 20%.
The Committee considers the full internal and external context when determining how to implement the remuneration Policy. The Committee acknowledges the disappointing shareholder experience whilst balancing this with the need to retain and motivate key executives in order to deliver the multi-year transformation. The Committee believes that the positioning of salaries and the deployment of short term incentives and the RSP (in Saga shares) supports the achievement of the transformation and reflects the talent agenda, complexity of the business and the responsibility of the roles. With respect to the introduction of the STP, the Committee feels that the reward approach is fully aligned with the delivery of Saga’s transformation strategy. In particular, the STP will only deliver reward to executives following a significant improvement in our share price, with a commensurate return to our shareholders.
The Committee notes the valuable feedback from shareholders and will continue its constructive dialogue with shareholders and seek to incorporate this feedback into its future remuneration decisions.
2021 Annual General Meeting
Articles of association
At the 2021 AGM, shareholders approved new articles of association for the Company. A copy of the new articles of association is available here with a version showing changes tracked to the previous articles here.
Significant vote against Resolution 2
Resolution 2 at the 2021 AGM sought approval of the Directors' Remuneration Report as set out on pages 77 to 110 of the 2021 Annual Report and Accounts and received support of 77.72 per cent from shareholders. A statement published in accordance with Provision 4 of the UK Corporate Governance code can be found here.
For enquiries relating to your shareholding, dividend payments, share certificates, Dividend Reinvestment Plans etc, please contact:
+44 (0) 371 384 2640
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For other investor enquiries
Director of Investor Relations and Treasury