AssetCo AGM resolutions pass but Glass Lewis pressure weighs

Five resolutions face notable pushback

All resolutions put to shareholders at AssetCo’s annual general meeting passed, but pressure from proxy adviser Glass Lewis was felt across a handful of votes.

Five of the 13 resolutions faced shareholder pushback greater than 10%, with share issuance proving the most controversial. Resolutions 10 and 11, which authorise the directors to issues shares with and without pre-emptive rights, respectively, endured the strongest revolt, as 24.46% and 24.53% of shareholders voted against the proposals. AssetCo deputy chair Peter McKellar retires as group withdraws from infrastructure business These were two of the resolutions questioned by Glass Lewis, which argued the 50% issuance was an "excessively dilutive" move, breaching the 33% cap set by...