Universal Music Group N.V. Announces Results of its 2024 Annual General Meeting of Shareholders

Rhea-AI Summary

Universal Music Group N.V. (UMG) has released the results of its 2024 Annual General Meeting (AGM) held on May 16, 2024. All resolutions on the agenda were adopted with a majority vote. Key resolutions included the approval of the 2023 remuneration report and financial statements, re-appointment of several directors, and the appointment of new directors Eric Sprunk and Mandy Ginsberg. The AGM also approved a final dividend of EUR 0.27 per share, bringing the total 2023 dividend to EUR 0.51 per share. Important dates for the final dividend are May 20, 2024 (ex-dividend date), May 21, 2024 (record date), and June 11, 2024 (payment date). Detailed voting results will be available on UMG's website within 15 days.

Positive

• All AGM resolutions were adopted with a majority vote.
• Adoption of 2023 financial statements suggests robust financial health.
• Re-appointment of key directors ensures leadership stability.
• Appointment of new directors Eric Sprunk and Mandy Ginsberg could bring fresh perspectives.
• Approval of a final dividend of EUR 0.27 per share increases total 2023 dividend to EUR 0.51 per share, reflecting shareholder value.

Negative

• Announcement doesn't indicate significant business strategy changes.
• No mention of new growth initiatives or future plans.
• Potential shareholder dissatisfaction if they expected higher dividends or more significant announcements.

HILVERSUM, The Netherlands, May 16, 2024 /PRNewswire/ -- Universal Music Group N.V. ("UMG" or "the Company") today announced the results of its Annual General Meeting of Shareholders ("AGM") held earlier today.

All resolutions on the AGM agenda were adopted with a majority of the votes cast

All resolutions on the AGM agenda were adopted with a majority of the votes cast, including, among others:

• a positive advisory vote on the 2023 remuneration report;
• the adoption of the 2023 financial statements;
• the re-appointment of Vincent Vallejo as Executive Director;
• the re-appointment of Bill Ackman, Cathia Lawson-Hall, Cyrille Bolloré, James Mitchell, Manning Doherty, Margaret Frerejean-Taittinger and Nicole Avant as Non-Executive Directors;
• the appointment of Eric Sprunk and Mandy Ginsberg as Non-Executive Directors;
• the adoption of the Non-Executive Directors' Remuneration Policy and the authorization to issue shares and grant rights to subscribe for shares to Non-Executive Directors under the Non-Executive Directors' Remuneration Policy.

The proposal to adopt a final dividend of EUR 0.27 per share was also approved. With the interim dividend of EUR 0.24 per share that was paid in October 2023, this brings the total dividend for the financial year 2023 to EUR 0.51 per share. The following timetable shall apply with respect to the payment of the final dividend:

May 20, 2024: Ex-dividend date;
May 21, 2024: Dividend record date; and
June 11, 2024: Final dividend payment date.

Detailed voting results from the AGM will be made available on the Company's website within 15 days, as required under the Dutch Financial Supervision Act.

About Universal Music Group
At Universal Music Group (EURONEXT: UMG), we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information on Universal Music Group N.V. visit www.universalmusic.com.

 

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SOURCE Universal Music Group N.V.

FAQ

What were the results of Universal Music Group's 2024 AGM?

All resolutions were adopted with a majority vote, including the 2023 remuneration report, financial statements, and several director re-appointments and new appointments.

Who were re-appointed as directors in UMG's 2024 AGM?

Vincent Vallejo, Bill Ackman, Cathia Lawson-Hall, Cyrille Bolloré, James Mitchell, Manning Doherty, Margaret Frerejean-Taittinger, and Nicole Avant were re-appointed.

Who are the new directors appointed at UMG's 2024 AGM?

Eric Sprunk and Mandy Ginsberg were appointed as non-executive directors.

What is the approved dividend for UMG shareholders for 2023?

A final dividend of EUR 0.27 per share was approved, bringing the total 2023 dividend to EUR 0.51 per share.

When will UMG pay the final dividend for 2023?

The final dividend will be paid on June 11, 2024, with the ex-dividend date on May 20, 2024, and the record date on May 21, 2024.