At the Annual General Meeting held yesterday, 16 July, members approved MOSL’s Annual Report and Financial Statements for the year ending 31 March 2020, as well as the reappointment of our auditors and six special resolutions which seek to update and modernise our governance under MOSL’s Articles of Association.
Due to ongoing restrictions imposed by COVID, this year’s AGM was held virtually. Members were invited to vote by proxy ahead of the meeting through a new electronic voting platform.
The six special resolutions (resolutions 3-8 below) which were approved by members include:
3. The removal of the five-year industry restriction for the Board Chair
4. Amending the term of the elected directors from two to three years (including to extend the term of those current in office)
5. Amending the Board quorum and removing the option for alternate directors
6. Amending the Nomination Committee composition
7. The discretion to appoint a Senior Independent Director (SID)
8. Measures to introduce modernised voting
Further details of these special resolutions can be found in the AGM notice which was issued in advance of the meeting.
In total we received 56 votes (over 90 per cent turnout) and received quorum in all three membership categories. Six members voted against resolution five, three voted against resolution three, two voted against resolution six and one against resolution four.
All other votes were in favour of the resolutions being passed.
Four of the resolutions will require changes to the Market Arrangements Code. Change proposals CPM026: ‘Panel Chair and Alternate’ and CPM028: ‘Aligning MOSL Board Governance with the Articles of Association’ have been recommended by the Panel to Ofwat, following its 30 June meeting, for consideration and approval in August. These changes will be coordinated with the changes to MOSL’s Articles of Association.