Premier Global Infra shareholders reject name change – in a surprise move, at today’s meeting shareholders in Premier Global Infrastructure voted heavily against the proposal to change its remit and defeated the proposal to change its name.
The ordinary resolution to amend the investment policy so that the portfolio consists primarily of investments in companies operating in the renewable energy sector as well as other sustainable infrastructure investments – was put to the meeting and passed on a vote of 57.84% versus 42.16%.
The second resolution, to change the name, needed approval by 75% of shareholders. 57.71% of those shares voted approved the resolution and 42.29% voted against, so the resolution was defeated.
First thing to note was that just 25.56% of PGIT’s shares were voted – that’s a bit pathetic and underscores the need for regulators to force platforms to make it easier to vote.
Secondly, the announcement says that a large shareholder accounted for most of the dissenting votes. Why wasn’t their view canvassed beforehand?