Scentre Group Announced Annual General Meeting Voting Results

  • Apr 04, 2019 AEDT
  • Team Kalkine
Scentre Group Announced Annual General Meeting Voting Results

Scentre Group (ASX: SCG) is a real estate company having pre-eminent living centre portfolio in New Zealand and Australia. The value of real estate asset under management (AUM) is valued at $54.2 billion while shopping centre ownership is valued at $39.1 billion.

On 4th April 2019, the company announced the result of its Annual General Meeting held on 4 April 2019 related to “Final Proxy and Poll Results.” The company declared that all the resolutions were passed and decided by way of poll.

List of resolutions with voting details are as follows:

  • Adoption of the Remuneration Report was passed by 89.46% votes with 10.54% being against it.
  • Re-election of Mr. Brian Schwartz AM as a Director was passed with massive 99.53% votes with 0.47% votes against his re-election
  • Re-election of Mr. Michael Ihlein as a Director was also passed by 99.57% votes in favour with only 0.43% votes against.
  • Election of Mr. Steven Leigh as a Director was passed by almost full majority; 99.97% votes were received in favour of him while only 0.03% votes resisted this resolution
  • Approval of grant of performance rights to Peter Allen, MD and CEO were passed by 94.02% votes, and 5.98% were against this.

All the resolutions were successfully passed with massive votes in favour.

Further, the Chairman Mr. Brian Schwartz AM and the CEO Mr. Peter Allen also addressed the investors at the Annual General Meeting. The chairman acknowledged that the group has been established for almost five years and since beginning its culture and strategy has helped to grow the business into an extraordinary platform of 41 Westfield living centres and lead the company to become 15th largest company on the ASX by market capitalisation. He also spoke on the company’s purpose, and he said that the purpose is to create a long-term sustainable business that satisfies the needs of diverse stakeholders. Which he believes is reflected in the sustainable business framework which was established in 2015 and has four focus areas namely; community, people, environmental impact, and economic performance. Furthermore, the Chairman stated that the diversified experience and perspective is a recognised driver of a sustainable, high-performance culture. It is also a key factor in Board succession planning which has always been key to the overall governance program.

The CEO of the group, Mr. Peter Allen talked about the financial performance of the business. He was pleased to report results for the 2018 financial year and provided some insights on the key drivers of the performance. Funds from Operations was up 3.9% to 25.24 cents per security, or $1.34 billion. The balance sheet is strong and assets under the management of $54.2 billion and Group assets of $39.1 billion with gearing at 33.9% and interest cover at 3.5 times. During the year, the company completed over $1.1 billion of developments which are earnings accretive and deliver attractive long-term returns.

On 20th February 2019, the company announced its FY18 results.

On the technical front, the stock traded down by 1.728% and closed at A$3.980 as of 4th April 2019 compared to the previous closing of A$4.05. In the last six months, the stock has delivered a return of 3.05% while the YTD return stands a little better at 5.47%.


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