Results from TORM plc's Annual General Meeting on 16 April 2025
Rhea-AI Summary
TORM plc (TRMD) held its Annual General Meeting on April 16, 2025, where all proposed resolutions were successfully passed. The meeting saw strong shareholder participation with 62.04% of eligible votes cast for general resolutions and 91.71% for director appointments.
Key approvals included: the 2024 Annual Report (92.63% in favor), Directors' Remuneration Report (94.21% in favor), and reappointment of Ernst & Young LLP as auditor (99.05% in favor). Notable governance decisions included the reappointment of board members, with Executive Director Jacob Meldgaard receiving 99.88% approval.
Shareholders also approved two significant special resolutions: a reduction in share premium account by USD 180 million (98.95% in favor) and the cancellation of Treasury Shares (99.05% in favor).
Positive
- Strong shareholder approval rates exceeding 90% for all major resolutions
- High meeting participation rate of 91.71% for director appointments
- USD 180 million share premium reduction approved
Negative
- Relatively lower participation rate (62.04%) for general resolutions
News Market Reaction
On the day this news was published, TRMD gained 1.73%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HELLERUP,
Eligible votes (for Resolutions 1, 2, 3, 4,9,10 and 11) | 97,770,844 |
Voted total (excl. C-Share) | 60,652,602 |
Voted total (%) | 62.04 |
Eligible votes (for Resolutions 5,6,7 and 8) | 447,770,844 |
Voted total (incl. C-Share) | 410,652,602 |
Voted total (%) | 91,71 |
Ordinary Resolutions | Vote type | Voted | Voted (%) | % of total voting rights |
1. To adopt the Annual Report and Accounts 2024 | For Against Withheld* | 46,993,831 3,601,405 139,474 | 92.63 7.10 0.27 | 48.07 |
2. To approve the Directors' Remuneration Report 2024 | For Against Withheld* | 47,797,865 2,751,231 185,614 | 94.21 5.42 0.37 | 48.89 |
3. To re-appoint Ernst & Young LLP as auditor of the Company | For Against Withheld* | 60,075,973 455,472 121,157 | 99.05 0.75 0.20 | 61.45 |
4. To authorize the Directors to fix the remuneration of the auditors | For Against Withheld* | 50,490,354 134,083 110,273 | 99.52 0.26 0.22 | 51.64 |
5. Reappointment of Non-Executive Director and Chairman Christopher H. Boehringer as Director of the Company | For Against Withheld* | 394,365,264 2,743,016 3,626,430 | 98.41 0.68 0.91 | 88.07 |
6. Reappointment of Non-Executive Director Göran Trapp as Director of the Company | For Against Withheld* | 399,923,963 657,855 152,892 | 99.80 0.16 0.04 | 89.31 |
7. Reappointment of Non-Executive Director Annette Malm Justad as Director of the Company | For Against Withheld* | 399,265,394 1,316,932 152,384 | 99.63 0.33 0.04 | 89.17 |
8. Reappointment of Executive Director Jacob Meldgaard as Director of the Company | For Against Withheld* | 400,255,402 332,045 147,263 | 99.88 0.08 0.04 | 89.39 |
9. Subject to the reduction of capital by cancelling and extinguishing the Treasury Shares under Resolution 11 taking effect, the Company shall release any claims it may have against any person in connection with its purchase of those Treasury Shares | For Against Withheld* | 49,717,265 210,712 806,733 | 97.99 0.42 1.59 | 50.85 |
Special Resolutions | Vote type | Voted | Voted (%) | % of total voting rights |
10. Reduction of the share premium account of the Company by | For Against Withheld* | 50,204,493 222,772 307,445 | 98.95 0.44 0.61 | 51.35 |
11. The issued share capital of the Company be reduced by cancelling and extinguishing the Treasury Shares | For Against Withheld* | 50,253,314 198,690 282,706 | 99.05 0.39 0.56 | 51.40 |
(*) A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes `For' or `Against' a resolution.
Contacts
Christopher H. Boehringer, Chairman, tel.: +45 3917 9200
Jacob Meldgaard, Chief Executive Officer and Executive Director, tel.: +45 3917 9200
Christopher Everard, General Manager, tel.: +44 7920 494 853
Kim Balle, Chief Financial Officer, tel.: +45 3917 9200
About TORM
TORM is one of the world's leading carriers of refined oil products. TORM operates a fleet of product tanker vessels with a strong commitment to safety. environmental responsibility and customer service. TORM was founded in 1889 and conducts business worldwide. TORM's shares are listed on Nasdaq in
Safe Harbor Statement as to the Future Matters discussed in this release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are statements other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, "expects," "anticipates," "intends," "plans," "believes," "estimates," "targets," "projects," "forecasts," "potential," "continue," "possible," "likely," "may," "could," "should" and similar expressions or phrases may identify forward-looking statements.
The forward-looking statements in this release are based upon various assumptions, many of which are, in turn, based upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs, or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, our future operating or financial results; changes in governmental rules and regulations or actions taken by regulatory authorities; inflationary pressure and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; general domestic and international political conditions or events, including "trade wars" and the war between
In the light of these risks and uncertainties, undue reliance should not be placed on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.
Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions or updates to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Please see TORM's filings with the
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11-2025 - Results from TORM plc’s Annual General Meeting on 16 April 2025 |
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SOURCE Torm PLC
FAQ
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