Impax Environmental Markets AGM 2022

In accordance with IEM’s articles of association, a continuation vote is required to be held at this year’s AGM. This provides for IEM’s shareholders to vote, once every three years, on whether the Company should continue operating, or otherwise be wound up and cash returned to shareholders. The Board has considerable confidence in its Manager and strongly believes that IEM offers an attractive opportunity for investors to obtain exposure to environmental and resource efficiency markets and recommends that shareholders vote in favour of the resolution.

An ordinary resolution will be put to shareholders at the forthcoming AGM to increase the maximum aggregate directors’ fees payable in any one year from £200,000 to £250,000. The proposed increase will allow flexibility to increase the number of directors in fulfilling the Board’s succession plan.

Shareholders will also have the opportunity to hear a presentation from our investment managers, Jon Forster, Bruce Jenkyn-Jones and Fotis Chatzimichalakis and ask questions of the Board and the Manager. The Board welcomes the addition of Mr Chatzimichalakis as co-manager of the portfolio, further strengthening our investment management team.

The Board is mindful of the fact that some shareholders may be reticent to travel and attend the AGM in person. The Manager will make a presentation at the AGM and this will be recorded and posted on the Company’s website after the event for shareholders to view.

The Board encourages all shareholders to exercise their votes by means of registering them with the Company’s registrar ahead of the meeting, online or by completing paper proxy forms, and to appoint the Chairman of the meeting as their proxy. Information on voting can be found in the Notice of Meeting. The Board is cognisant of the importance to shareholders of having the ability to meet the Directors of the Board and representatives of the Manager face to face, and is committed to ensuring that AGMs and general meetings include a physical meeting, where conditions allow.

The Directors have carefully considered all the resolutions proposed at the forthcoming AGM and believe them to be in the best interests of shareholders and the Company as a whole. Accordingly, the Directors recommend that shareholders vote in favour of each resolution, as will the Directors in respect of their own shareholdings.