Quilter says he has no plans to make political donations at AGM vote

(Alliance News) – Quilter PLC said on Thursday it had no plans to make political donations and had not done so since listing in London and Johannesburg in 2018.

The London-based wealth manager said a resolution tabled at its annual general meeting in May sought permission for political donations or spending. This resolution was adopted by the required majority of votes. But 23% of the votes cast were against.

He said the political donations resolution passed with a majority of more than 80% at his annual general meetings in 2020 and 2021.

However, in 2022 there was a significant difference in voting between South African and UK shareholders, with 63.77% and 99.94% support respectively.

The group said it was seeking such authority as a precautionary measure to ensure it did not inadvertently breach UK company law, given the breadth of the applicable provisions.

Quilter said he continued to engage directly with his major South African shareholders on the political donation resolution to better understand their views.

“We continue to recognize that in the current context of South African governance, any link between business and politics is sensitive,” he said in a statement on Thursday, adding that he would continue to explain the reasons for which he thought this resolution was an important protection. for the company in the notice of general meeting.

Quilter shares fell 0.9% to 99.14 pence on Thursday in London. But they were up slightly by 0.3% in Johannesburg at ZAR 20.00.

By Artwell Dlamini; artwelldlamini@alliancenews.com

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