M&G plc NEWS RELEASE
17 November 2022

Update on the 2022 AGM Voting Results - Resolution 15 (Say on Climate)

In accordance with the requirement of Provision 4 of the UK Corporate Governance Code, the Company is providing an update in response to the voting outcome on Resolution 15 (Say on Climate), approved at its Annual General Meeting on 25 May 2022.

The Board stated in March 2021 our belief that sustainably-run businesses deliver stronger and more resilient long term returns for investors. 

Prior to our 2022 AGM we engaged with major shareholders on Resolution 15 (Say on Climate), which asked shareholders to vote to approve our Climate Transition Plan and our climate related financial disclosures for 2021.

We were encouraged that 79.57% of the votes cast were in favour of the resolution, and even where shareholders abstained or dissented, the majority indicated that they appreciated the opportunity to vote.  We thank our shareholders for voting and their feedback.

Following the 2022 AGM, we engaged with our major dissenting shareholders on our climate plans, gaining comments in relation to the nature of our interim net zero targets for our investment portfolios, and on target-setting and monitoring.

On these topics, since the AGM, our internal asset owner has published its first formal set of interim targets towards achieving net zero by 2050. These cover £99 billion in retail customers' assets that are managed on our behalf by our asset manager, M&G Investments, and a number of external asset managers. Our asset manager has also published an update on its progress against its initial interim targets set in 2021, and has said it intends to increase these interim targets early in 2023.

Details of these announcements can be viewed here: https://www.mandgplc.com/news-and-media/press-releases/mandg-plc/2022/30-09-2022

The Board is keeping the Climate Transition Plan under review and will continue to consider how best to provide external validation of the progress made in achieving it. 

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