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Barratt wins key AGM votes including re-election of its chairman

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By Reuters

LONDON (Reuters) – Britain’s biggest housebuilder Barratt <BDEV.L> on Wednesday easily won resolutions at the firm’s AGM to re-elect its chairman and approve the chief executive’s remuneration package.

The resolution to re-elect John Allan as chairman received 99.1 percent of votes and the approval for the remuneration package received 99.8 percent of votes.

Shareholders also approved a final dividend of 17.9 pence per ordinary share in respect of the financial year ended 30 June 2018, and a special dividend of 17.3 pence per ordinary share.

Earlier in the day, Barratt’s CEO told Reuters that the company was very confident of winning the votes.

Shareholder advisory group the Pensions & Investment Research Consultants (PIRC) had advised shareholders in Barratt to vote against re-electing chairman John Allan, who is also the chairman of Britain’s largest supermarket chain Tesco <TSCO.L>.

“They’ve (PIRC) also recommended against some other perhaps more minor resolutions, but that is not the general view of the voting agencies and we are very confident that the resolutions will be passed by the vast majority of shareholders,” CEO David Thomas said.

In a trading update on Wednesday, Barratt said it had started the 2019 financial year in a strong position and was confident of delivering a good full-year performance.

(Reporting by Costas Pitas and Shubham Kalia, Editing by Paul Sandle)