Estate Agency Group Foxtons has revealed it will press ahead and hold its AGM on Wednesday 13 May – albeit virtually.
The company announced that it will hold its AGM at 10.00am on 13 May 2020 at the company’s head office at Chiswick High Road, London. Due to the ongoing pandemic and the imposition of “severe restrictions on public gatherings” it said the physical attendance of shareholders “will not be possible”.
Instead, the meeting will take place with the “minimum necessary quorum” of two shareholders, which will be facilitated by the company in line with the Government’s strict social distancing advice.
The board will then encourage shareholders to vote electronically and to appoint the chair of the meeting as their proxy with their voting instructions. All valid proxy votes, whether submitted electronically or in hard copy form, will be included in the polls to be taken at the meeting.
“We are disappointed that we are having to adopt these measures and appreciate our shareholders’ understanding in these unprecedented circumstances,” the firm said.
One of the issues set for approval by shareholders at the AGM, is the confirmation of BDO LLP as the company’s auditor for the year ending 31 December 2020 following a formal tender process.
The news comes after it revealed it has furloughed around 750 staff members as well as asking all employees earning over £40,000 to take a 20% pay cut, amid the Covid-19 crisis.
Foxtons revealed 80% of its staff accepted the pay cut with all executive directors having volunteered to take a 20% reduction in base pay and all non-executive directors a 20% reduction in fees for at least the two months of April and May.
The measures introduced are in a bid to decrease its cash outflow from £9m to £3m by the end of the month, which includes its remaining 250 members of staff working remotely as the company has closed all of its branches.