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Quintain Estates leads by example at AGM

The AGM of Quintain Estates & Development plc, to be held on 9 September, will again include a separate resolution to approve the report of the Audit Committee. Furthermore, shareholders will be asked to vote on the re-election of the Chairman of the Audit and Remuneration Committees – as distinct from their re-election to the Board as directors.

The company, in its Corporate Governance Report, notes that it goes ‘beyond the high level of expected of it’ in terms of corporate governance in a number of areas.  While the report of the Remuneration Committee is the subject of an advisory vote in the United Kingdom, there is no such requirement for the report of the Audit Committee.

The terms of reference of the company’s Audit and Remuneration Committees, which were updated in May 2008, each include the following provision:

“The Board shall nominate the Chairman, who shall be appointed by the shareholders of the Company at its Annual General Meeting to serve from the close of the Annual General Meeting at which he or she is appointed until the close of the next AGM.”

The Small Cap company proposed similar resolutions at their AGM in September 2004, although Manifest has not yet noted any other companies following their example. Dissent on these resolutions has been minimal, with resolutions in previous years all achieving approval in excess of 99% of the votes cast.

What do you think?