Plus500 Shareholders Approve Remuneration Proposals, Re-Election of Board Member

Thursday, 02/11/2023 | 09:55 GMT by Arnab Shome

Steve Baldwin will continue to be the Non-Executive Director and Chair of the ESG Committee.

Although more than 20 percent of shareholders opposed the remuneration proposals, they were approved.

Plus500 (LON: PLUS) released an update today (Thursday) on the results and actions taken after its Annual General Meeting held on May 2, 2023. This meeting approved the re-election of Steve Baldwin as a Non-Executive Director and multiple remuneration-related proposals.

Steve Baldwin Continues to Sit on Plus500's Board

Despite 29.68 percent of the Plus500 shareholders voting against the re-election of Baldwin, the majority favored him. The brokerage highlighted that the votes against the re-election of Baldwin "relates in part to his position as the Chair of the Company's ESG Committee."

Steve Baldwin, Non-Executive Director and Chair of the ESG Committee at Plus500

Baldwin was added to the board of Plus500 in June 2017. According to his LinkedIn profile, he also holds positions as a Non-Executive Director and Chairman of the Audit Committee at Edinburgh Investment Trust and is the Chair at London-based TruFin. His career in finance was shaped by roles at Coopers & Lybrand, which became PricewaterhouseCoopers in 1998 with a merger, UBS, JP Morgan, and Macquarie Group. He also sat on the board of several other companies.

"Plus500 is dedicated to operating responsibly and sustainably in all aspects of its business, including taking the necessary actions to reduce the relatively minimal impact of its operations on the environment," Plus500 stated. "The Board reaffirms its belief that Mr. Baldwin remains highly suitable in his position as a Non-Executive Director and as Chair of the ESG Committee."

Updates in Remuneration

Apart from Baldwin's re-election, three other proposals faced opposition from over 20 percent of shareholders' all concerning remuneration. These encompassed the allocation of shares to the Chair of the Board, the approval of the remuneration policy for Directors and Executives, and the compensation terms for the CEO, David Zruia.

On a positive note, the Plus500 shareholders overwhelmingly endorsed the remaining 17 resolutions with more than 80 votes in favor.

Share Price Rebound

Meanwhile, there's a bullish sentiment among Plus500 shareholders in recent times. The Plus500 stock prices have rallied 2.6 percent since yesterday's low, steadily approaching August levels. However, it's worth noting that the year-to-date return of the Plus500 stock has declined by more than 20 percent.

Movement of Plus500 shares since January 2023

As Finance Magnates reported earlier, Plus500 generated $168.1 million as revenue in the third quarter of the ongoing year, 5 percent higher than the previous quarter but 14 percent down year-over-year. Its trading income came in at $153.7 million.