Universal Music Group, which trades on the Euronext Amsterdam Stock Exchange, has published the results of its 2024 Annual General Meeting, which was held in the Netherlands earlier today (May 16).
Among the resolutions adopted at the AGM, with a majority of votes cast, was a “positive advisory vote” on the company’s 2023 remuneration report.
As explained in UMG’s Annual Report, the company’s 2023 remuneration report sets out the remuneration provided to the company’s executive directors and Non-Executive Directors during 2023.
Sir Lucian Grainge is an Executive Director at UMG (a position he holds in addition to being the company’s Chairman and CEO), which means that Grainge’s 2023 remuneration was approved by investors at UMG’s AGM today.
UMG’s other Executive Director is Deputy CEO Vincent Vallejo, whose proposed re-appointment as an Executive Director for a one-year term was also on the agenda for today’s AGM.
According to UMG’s AGM results, Vallejo was officially re-appointed as Executive Director for a one-year term.
Sir Lucian Grainge was reappointed as UMG’s Executive Director (a position he holds in addition to being the company’s Chairman and CEO) for a five-year term (ending on May 1, 2028) at the company’s Annual General Meeting last year.
Also on the agenda for the 2024 AGM was the proposed appointments of Eric Sprunk and Mandy Ginsberg as new Independent Non-Executive Directors for a two-year term. Sprunk and Ginsberg were both appointed as new Non-Executive Directors today.
Sprunk most recently served as the Chief Operating Officer of Nike from 2013 to 2020. During his 27 years at Nike, Sprunk held various executive positions, including EVP, Global Product & Merchandising from 2008 to 2013 and EVP & GM, Global Footwear from 2001 to 2008.
According to UMG, as COO, “he drove the digital transformation of the company to be consumer direct and oversaw its robust and innovative global supply chain”. He also currently serves as a member of the Board of Directors of General Mills, Bombardier and Nordstrom.
Mandy Ginsberg, also voted as a Non-Executive Director today, is an operating partner at private equity firm Advent International and previously served as CEO of Match Group from 2016 to 2020, where she led a portfolio of digital dating platforms including Tinder, Match.com, OkCupid, and Hinge, totaling over 45 global dating companies.
She also currently serves on the Board of Directors at Uber Technologies and ThredUp, and previously served as a director at Match Group, J.C. Penney Company and Care.com.
Elsewhere on the agenda for today’s AGM were the proposed re-appointments of Bill Ackman, Cathia Lawson-Hall, Cyrille Bolloré, James Mitchell, Manning Doherty, Margaret Frerejean-Taittinger and Nicole Avant as Non-Executive Directors for a two-year term.
Ackman, Lawson-Hall, Bolloré, Mitchell, Doherty, Frerejean-Taittinger and Avant were all appointed as Non-Executive Directors today.
Shareholders also adopted the Non-Executive Directors’ Remuneration Policy and voted for the authorization to issue shares and grant rights to subscribe for shares to Non-Executive Directors under the Non-Executive Directors’ Remuneration Policy (as detailed within the company’s annual report).
The proposal to adopt a final dividend of EUR 0.27 per share was also approved.
With the interim dividend of EUR 0.24 per share that was paid in October 2023, this brings the total dividend for the financial year 2023 to EUR 0.51 per share.Music Business Worldwide [STAGING]