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Draper Esprit VCT plc - Result of AGM

Draper Esprit VCT plc
·3-min read

Draper Esprit VCT plc
Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97
Result of AGM
22 September 2020

At the Annual General Meeting (“AGM”), of Draper Esprit VCT plc held on 22 September 2020, which was held as a closed meeting, all resolutions were passed.

Details of the proxy votes in respect of the resolutions passed at the AGM received as at 11:00am on 18 September 2020, 48 hours before the time of the meeting (excluding weekends), at the receiving agent, Downing LLP, are set out below:

For

Discretionary

Against

Total

Withheld

Resolution No.

No. of

No. of

No. of

No. of

No. of

Votes Cast

Votes Cast

Votes Cast

Votes Cast

Votes

% of votes

% of votes

% of votes

% of votes

1

4,389,300

90,463

-

4,479,763

8,805

97.98%

2.02%

0.00%

100.00%

2

4,073,549

62,471

185,066

4,321,086

167,482

94.27%

1.45%

4.28%

100.00%

3

4,055,238

62,471

215,850

4,333,559

155,009

93.58%

1.44%

4.98%

100.00%

4

4,405,924

62,471

11,368

4,479,763

8,805

98.36%

1.39%

0.25%

100.00%

5

4,160,417

123,672

178,797

4,462,886

25,682

93.22%

2.77%

4.01%

100.00%

6

4,289,852

62,471

74,353

4,426,676

61,892

96.91%

1.41%

1.68%

100.00%

7

4,278,882

62,471

85,323

4,426,676

61,892

96.66%

1.41%

1.93%

100.00%

8

4,264,477

62,471

91,461

4,418,409

70,159

96.52%

1.41%

2.07%

100.00%

9

4,209,280

121,907

95,489

4,426,676

61,892

95.09%

2.75%

2.16%

100.00%

10

4,423,625

62,471

2,472

4,488,568

-

98.55%

1.39%

0.06%

100.00%

11

4,279,708

62,471

134,442

4,476,621

11,947

95.60%

1.40%

3.00%

100.00%

12

4,194,408

62,471

231,689

4,488,568

-

93.45%

1.39%

5.16%

100.00%

A copy of the resolutions passed will be submitted to the National Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The Company decided to hold its AGM as a closed meeting because of the practical difficulties in holding open meetings with the ongoing social distancing restrictions. The board invited questions from shareholders in writing and comments on the issues raised by shareholders as follows:

Board independence and director tenure
Even though all directors have sat on the board of the Company for more than 9 years, the board is satisfied that the four independent directors have continued to act independently in the manner in which they undertake their duties. For example, the Board has been closely involved in developing the new management arrangements with Draper Esprit which have been put in place over the last couple of years and which have effectively resulted in a change of manager for the Company.

The Board accepts that it is helpful for the director’s appointment dates to be included in the Annual Report and will ensure this is done in future.

Board succession planning
Board structure has been a discussion topic for some time now, as the Company has undergone a transition in putting in place the arrangements with Draper Esprit. One director stepped down at this AGM today and the Board is considering some further changes in due course.

Auditor’s re-election and remuneration as separate AGM resolutions
The Board will give consideration to having the Auditor’s re-election and the authority for the directors to determine the Auditor’s remuneration as separate resolutions in future.