Thursday 10 November 2022

Quilter plc

Update Statement with respect to 2022 Annual General Meeting Resolution Vote

At our AGM held on 12 May 2022, resolution 16, which sought authorisation for political donations or expenditure, passed with the requisite majority of votes, however 22.5% of the votes cast were against the resolution.

There was a significant difference in voting between the South African and UK share registers on this resolution with 63.77% and 99.94% support respectively. In line with provision 4 of the UK Corporate Governance Code, we have continued to directly engage with our largest South African shareholders on this resolution to further understand their views. We continue to recognise that in a current South African governance context, any linkage between business and politics is sensitive. Quilter has no intention of undertaking political donations and has not done so since Listing to date but, in line with other listed UK companies, has sought such authority to avoid any inadvertent breaches of UK company law given the breadth of the applicable provisions. We note that the political donations resolution passed with more than an 80% majority at the Quilter 2020 and 2021 Annual General Meetings.  We understand the importance of continuing dialogue and effective communication with our shareholders to ensure that it is clear that the Board believe that this authority is simply a precautionary measure to ensure that the Company (and its subsidiaries) does not inadvertently breach in the UK, South Africa or anywhere else in the world UK company law. We will also continue to explain clearly the reasons why the Board believe this resolution is an important protection for the Company in the Notice of Annual General Meeting.

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About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter oversees £96.9 billion in customer investments (as at 30 September 2022).

It has an adviser and customer offering spanning: financial advice, investment platforms, multi-asset investment solutions, and discretionary fund management.

The business is being reorganised into two segments: Affluent and High Net Worth.

Affluent encompasses the financial planning businesses, Quilter Financial Planning, the Quilter Investment Platform and Quilter Investors, the multi-asset investment solutions business.

High Net Worth includes the discretionary fund management business, Quilter Cheviot, together with Quilter Private Client Advisers.