By Scott Wright
WEIR Group has become the latest Scottish corporate to release details of how its annual meeting will be conducted amid the continuing coronavirus lockdown.
The engineering giant said the meeting will be convened at its Glasgow headquarters on Tuesday (April 28) with the minimum necessary quorum of two shareholders, in light of the continuing social distancing regime.
It said social distancing measures will be observed at the meeting to ensure it complies with rules on gatherings that are “essential for work purposes”.
But the company warned: “Other shareholders should not attend the AGM in person and any shareholders that seek to attend will unfortunately not be admitted.”
Weir added that it will respond to questions lodged on its website “as soon as possible” after the meeting takes place. Investors can ask questions relating to the business of the meeting can do so by emailing WeirAGM2020@mail.weir.
The results for each resolution put forward at the AGM will be published on its website, and that of the London Stock Exchange, after the meeting, Weir said.
The previously-approved inflationary salary and fee increases for the group executive and board members respectively have been withdrawn, the company added, as have the 2020 annual group executive and management
bonus plans.
The details came after Weir revealed its intention to further reduce its workforce in the US as it flagged “increasing interruption” to its operations and supply chain because of government measures to halt the spread of Covid-19, and the collapse of oil prices.
Royal Bank of Scotland will convene its annual meeting at its Gogarburn headquarters in Edinburgh on April 29 with a quorum of employee shareholders.
The state-backed institution said yesterday that shareholders have been voting on resolutions by proxy, with the results of those ballots to be published by 2.30pm that day.
A one-hour shareholder event will be held on its website after the meeting at 3pm, when investors can hear speeches from chief executive Alison Rose and chairman Sir Howard Davies. The bank’s leaders will respond to questions pre-submitted by shareholders.
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