By Anthony O. Goriainoff
Tesco PLC said late Friday that a resolution to reelect Bertrand Bodson as a director passed with low votes in favor at its annual general meeting.
The U.K. retailer said that it was disappointed with the level of votes cast against the resolution, which only received a 70.71% approval.
The board said it unanimously supported Mr. Bodson's reelection and said he continues to make an effective and valuable contribution to the board as well as to the Corporate Responsibility Committee.
"Following the AGM, the board will continue to engage with shareholders to discuss any ongoing concerns but we understand that this was primarily driven by the votes of some shareholders who applied a more stringent voting policy on directors' external commitments, despite his exemplary attendance record and the value he adds to the board through his expertise and experience," the company said.
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(END) Dow Jones Newswires
June 17, 2022 12:18 ET (16:18 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.