Shareholders Challenge Topps Tiles At AGM

Topps Tiles has published the results from its 2024 Annual General Meeting, noting that more than 20% of shareholders voted against a number of resolutions.

These included the director's remuneration report and the re-election of non-executive director Diana Breeze who was appointed to the Topps Tiles board in February 2021 and holds a number of positions, including chair of the remuneration committee.

In an RNS update on the London Stock Exchange, Topps Group plc said:

At the Company's 2024 Annual General Meeting ("AGM"), Resolution 3 (Director's Remuneration Report), Resolution 8 (Re-election of Diana Breeze as Director), Resolution 12 (Director's power to allot shares) and Resolution 13 (authority to purchase shares) received more than 20% of votes against them.

Since the AGM, in accordance with provision 4 of the UK Corporate Governance Code, the Board has engaged the relevant shareholders to understand and discuss their views with respect to these resolutions, but no feedback has been received to date.

"Whilst the Board fully respects and acknowledges that a shareholder may choose to vote against specific resolutions, the Board considers all the resolutions proposed at the AGM to be in the best interests of all shareholders.

"The Board will continue to engage with shareholders and their representative bodies and will provide a final update in its next annual report."

In December 2022, MS Galleon GmbH, Topps Tiles' largest shareholder sought to oust then- chairman Darren Shapland, who left the business in late 2023 after reaching the end of his nine-year tenure. 

Source : Insight DIY

Image : Topps Tiles Watford / Peter Fleming / iStockphoto.com / 1418450114

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