RNS Number : 0429O
Diversified Energy Company PLC
10 May 2024
 

May 10, 2024

 

Diversified Energy Company PLC

("Diversified" or the "Company")

 

Results of Annual General Meeting

 

Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) is pleased to announce that 19 of the 20 resolutions put to shareholders at the Company's Annual General Meeting held on May 10, 2024 were duly passed.

 

The total votes were cast as follows:

 

Resolution


For

%


Against

%


Withheld

1

Receipt of Annual Report


27,506,194

100%


114,671

-%


45,390

2

Approval of Final Dividend


27,558,648

100%


60,423

-%


47,184

3

Authority to re-appoint Auditor


27,539,845

100%


73,130

-%


53,280

4

Authority to determine Auditor's Remuneration


27,537,231

100%


74,241

-%


54,783

5

Re-elect David Edward Johnson


27,488,334

100%


109,076

-%


68,845

6

Re-elect Robert "Rusty" Russell Hutson, Jr.


27,488,900

100%


116,520

-%


60,835

7

Re-elect Martin Keith Thomas


27,338,568

99%


258,367

1%


69,320

8

Re-elect David Jackson Turner, Jr.


27,484,345

100%


113,025

-%


68,885

9

Re-elect Sandra Mary Stash


27,477,544

100%


119,729

-%


68,982

10

Re-elect Sylvia Kerrigan


24,775,407

90%


2,821,864

10%


68,984

11

Re-elect Kathryn Klaber


25,665,454

93%


1,930,166

7%


70,635

12

Authority to allot shares


27,360,201

99%


245,270

1%


60,784

13

Directors' Remuneration Report


25,389,754

92%


2,133,133

8%


143,368

14

Political donations & expenditures


26,524,295

99%


215,584

1%


926,376

15

Dis-apply pre-emption rights


27,385,786

99%


212,865

1%


67,604

16

Dis-apply pre-emption rights (Acquisitions)


26,288,866

95%


1,311,212

5%


66,177

17

Purchase of Company's own shares


27,559,045

100%


56,658

-%


50,552

18

Share Repurchase Contracts and Counterparties


27,552,632

100%


56,785

-%


56,838

19

Amendment to 2017 Equity Incentive Plan


20,505,417

74%


7,068,872

26%


91,966

20

Short General Meeting notice period


27,380,594

99%


220,917

1%


64,744

 

Note: A vote "Withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" or "Against" shown.

 

The full text of the resolutions passed at the AGM has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

The Board of Diversified Energy Company PLC (the "Board") is pleased to note that shareholders approved the overwhelming majority of resolutions. Having actively engaged with many shareholders ahead of the AGM and throughout the year, the Board would like to thank shareholders for their input and continued support.

 

Whilst pleased that shareholders approved most of the resolutions with majorities in excess of 99%, the Board notes that Resolution 19 (Amendment to 2017 Equity Incentive Plan to increase the number of shares available under the Plan), while receiving 74% of the vote "FOR", did not meet the 75% threshold to pass.

 

The Board will continue to engage with key stakeholders throughout 2024 on Equity Incentive Plan matters. Given the need to be agile around incentivization in the future, the Company will continue to work to provide an incentive plan that balances pay with performance in line with US practice. The Company seeks to offer competitive compensation packages to its workforce, fostering employee loyalty and motivation, all of which impact business expansion and our wider strategic objectives. The Board will continue to act in the best interest of shareholders and apply rigour to ensure executive remuneration outcomes are aligned with shareholder expectations. In accordance with provision 4 of the UK Corporate Governance Code, the Company will publish an update on this engagement, in accordance with the UK Corporate Governance Code, within six months of the 2024 AGM and a final summary in the Company's Annual Report for the 2024 Financial Year.

 

For further information, please contact:

 

Diversified Energy Company PLC

 +1 973 856 2757

Doug Kris

dkris@dgoc.com

Senior Vice President, Investor Relations & Corporate Communications

www.div.energy

 

 

FTI Consulting

dec@fticonsulting.com

U.S. & UK Financial Public Relations

 

 

 

About Diversified Energy Company PLC

 

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

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