Universal Music Group, which is listed on Euronext Amsterdam, announced the results of its 2024 Annual Shareholders Meeting held earlier today (May 16) in the Netherlands.
Among the resolutions passed by a majority vote at the annual general meeting of shareholders was an “active advisory vote” on the company’s 2023 remuneration report.
As set out in Universal Music Group’s annual report, the company’s 2023 Compensation Report sets out the compensation provided to the company’s executive and non-executive directors during 2023.
Sir Lucian Grainge is an executive director of UMG (a position he holds in addition to being chairman and chief executive of the company), meaning Grainge’s 2023 remuneration was approved by investors at UMG’s annual general meeting today.
UMG’s other executive director is Deputy CEO Vincent Vallejo, whose proposal to be re-appointed as executive director for a one-year term is also on the agenda of today’s annual general meeting.
Following the results of UMG’s annual general meeting of shareholders, Vallejo was officially reappointed as executive director for a one-year term.
Sir Lucian Grainge has been re-appointed as Executive Director of UMG (a position he holds in addition to his role as Chairman and Chief Executive Officer) five-year term (As of May 1, 2028) Last year’s annual general meeting of shareholders.
The agenda for the 2024 AGM also includes proposed appointments Eric Splunk and Mandy Ginsburg Serves as the new independent non-executive director for a term of two years. Sprunk and Ginsberg were both appointed as new non-executive directors today.
Splunk Most recently, he served as Chief Operating Officer of Nike from 2013 to 2020. In 2008, he served as executive vice president and general manager of global footwear.
UMG said that as operating officer, “he drove the company’s digital transformation to consumers and oversaw its strong and innovative global supply chain.” He also currently serves on the boards of General Mills, Bombardier and Nordstrom.
Mandy Ginsberg was also elected as a non-executive director today, She 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 boards of Uber Technologies and ThredUp, and previously served as a director of Match Group, JC Penney Company and Care.com.
Also on the AGM agenda today is a proposal to re-appoint Bill Ackman, Cathia Lawson-Hall, Cyrille Bolloré, James Mitchell, Manning Doherty, Margaret Frerejean-Taittinger and Nicole Avant as non-executive directors for two-year terms.
Ackman, Lawson-Hall, Bolloré, Mitchell, Doherty, Frerejean-Taittinger and Avant were all appointed as non-executive directors today.
Shareholders also approved the “Remuneration Policy for Non-executive Directors” and voted to authorize non-executive directors to issue shares and grant non-executive directors the right to subscribe for shares in accordance with the remuneration policy for non-executive directors (see the company’s annual report for details).
The proposal to adopt a final dividend of 0.27 euros per share was also approved.
Together with the interim dividend of €0.24 per share to be paid in October 2023, this brings the total dividend for the 2023 financial year to €0.51 per share.global music business
