Plus500 Steve Baldwin Re-Elected Amid Shareholder Opposition

Plus500 has provided an update on the outcomes of its Annual General Meeting, which took place on May 2, 2023. The Plus500 meeting results show the re-elected Steve Baldwin as a Non-Executive Director and Chair of the ESG (Environmental, Social, and Governance) Committee, despite opposition from 29.68 percent of Plus500 shareholders. Baldwin’s role as the Chair of the ESG Committee partially attributed to this opposition.

Baldwin has been serving on Plus500’s board since June 2017 and holds other positions as a Non-Executive Director and Chairman of the Audit Committee at Edinburgh Investment Trust and as Chair at TruFin in London. His extensive financial career includes roles at Coopers & Lybrand (which later became PricewaterhouseCoopers after a merger), UBS, JP Morgan, and Macquarie Group, along with positions on the boards of various other companies.

Plus500, a brokerage company, emphasized its commitment to responsible and sustainable business practices, including efforts to minimize its environmental impact. The board reaffirmed its confidence in Mr. Baldwin’s suitability for his roles as a Non-Executive Director and Chair of the ESG Committee.

Plus500 Steve Baldwin Re-Elected

In addition to Baldwin’s re-election, several remuneration-related proposals faced opposition from more than 20 percent of shareholders. These proposals included 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 CEO David Zruia.

On a positive note, the remaining 17 resolutions put forth during the Annual General Meeting received strong support from shareholders, with more than 80 percent of the votes in favor.

In terms of market performance, Plus500’s stock prices have shown a bullish sentiment in recent times, rising by 2.6 percent since reaching a low point yesterday and approaching levels last seen in August. However, it’s worth noting that the year-to-date return for Plus500 stock has experienced a decline of over 20 percent.

In related financial news, Plus500 reported third-quarter revenue of $168.1 million, which is a 5 percent increase compared to the previous quarter but a 14 percent decrease year-over-year. The trading income for the same period amounted to $153.7 million.

These developments reflect the ongoing dynamics within Plus500 and the sentiments of its shareholders regarding key appointments and remuneration matters, alongside its financial performance in the current market conditions.

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