Shareholders revolt against Paragon Banking Group and RWS Holdings

Shareholders revolt against Paragon Banking Group and RWS Holdings

Companies continue to face shareholder activism at their 2020 AGMs with Paragon Banking Group plc and RWS Holdings plc both experiencing several significant no votes of 20% or more.  This brings the proportion of companies experiencing at least one or more significant no votes so far this season to 36.7%.

RWS Holdings put up all seven of its directors for re-election at its AGM on 12 February as part of good market practice. The Aim 50 company confirmed in its annual report that ‘the Board commissioned a full independent appraisal of the Board’s capabilities, the results of which confirmed that the Board is capable and effective in undertaking its responsibilities and duties’. However, despite this, and the recommendation that all re-election resolutions should be approved, 3 from 7 directors still received significant no votes for re-election.

Alongside this, RWS experienced dissent relating to a Rule 9 waiver resolution propos

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