Coca Cola Europacific Partners : Results of 2025 AGM (250522 CCEP 2025 AGM Results RNS FINAL)
CCEP
Published on 05/23/2025 at 10:43
The Annual General Meeting of Coca-Cola Europacific Partners plc (the "Company") was held at Pemberton House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom on 22 May 2025.
All 29 resolutions put to the members were passed on a poll. Accordingly, resolutions 1 to 24 were passed as ordinary resolutions and resolutions 25 to 29 were passed as special resolutions.
The results of the polls are set out below:
Resolution
For (see note 1)
Against (see note 1)
Issued share capital represented by votes (see note 2)
%
Votes withheld (see note 3)
Votes
%
Votes
%
1
Receipt of the Report and Accounts
411,028,905
99.99
34,530
0.00
89.66
206,410
2
Approval of the
Directors' Remuneration Report
407,667,908
99.14
3,521,742
0.85
89.69
80,195
3
Election of Sol Daurella as a director of the Company
376,687,048
91.61
34,486,218
8.38
89.69
96,579
4
Election of Robert Appleby as a director of the Company
408,483,425
99.33
2,714,598
0.66
89.69
71,822
5
Re-election of Manolo
Arroyo as a director of the Company
336,109,239
81.92
74,169,237
18.07
89.49
991,369
6
Re-election of Guillaume Bacuvier as a director of the Company
408,686,562
99.39
2,487,911
0.60
89.69
95,372
7
Re-election of John Bryant as a director of the Company
401,092,670
97.54
10,105,029
2.45
89.69
72,146
8
Re-election of José Ignacio Comenge as a
director of the Company
351,104,553
85.57
59,174,061
14.42
89.49
991,231
9
Re-election of Damian Gammell as a director of the Company
408,575,613
99.36
2,597,434
0.63
89.69
96,798
10
Re-election of Nathalie Gaveau as a director of the Company
409,909,703
99.69
1,264,846
0.30
89.69
95,296
11
Re-election of Álvaro Gómez-Trénor Aguilar as a director of the
Company
405,092,974
98.54
5,994,215
1.45
89.67
182,656
12
Re-election of Mary Harris as a director of the Company
380,238,300
92.48
30,884,177
7.51
89.68
147,368
13
Re-election of Thomas
H. Johnson as a director of the Company
372,883,402
90.69
38,239,475
9.30
89.68
146,968
14
Re-election of Alfonso Líbano Daurella as a director of the Company
405,640,873
98.67
5,446,816
1.32
89.67
182,156
15
Re-election of Nicolas Mirzayantz as a director of the Company
408,882,601
99.43
2,315,817
0.56
89.69
71,427
16
Re-election of Mark Price as a director of the
Company
389,084,805
94.63
22,036,092
5.36
89.68
148,948
Resolution
For (see note 1)
Against (see note 1)
Issued share capital represented by votes (see note 2)
%
Votes withheld (see note 3)
Votes
%
Votes
%
17
Re-election of Nancy
Quan as a director of the Company
404,686,854
98.44
6,402,080
1.55
89.67
180,911
18
Re-election of Mario Rotllant Solá as a director of the Company
404,098,425
98.29
6,988,914
1.70
89.67
182,506
19
Re-election of Dessi Temperley as a director of the Company
409,950,892
99.69
1,246,179
0.30
89.69
72,774
20
Reappointment of the Auditor
408,882,041
99.49
2,067,754
0.50
89.64
320,050
21
Remuneration of the Auditor
410,236,449
99.76
967,259
0.23
89.69
66,137
22
Political donations
409,602,531
99.63
1,487,375
0.36
89.67
179,939
23
Authority to allot new shares
403,667,472
98.17
7,511,100
1.82
89.69
91,273
24
Waiver of mandatory offer provisions set out in Rule 9 of the
Takeover Code (see note 5)
183,524,500
74.95
61,313,605
25.04
53.41
166,431,740
25
General authority to disapply pre-emption rights
405,714,735
98.90
4,505,808
1.09
89.48
1,049,302
26
General authority to disapply pre-emption rights in connection with an acquisition or specified capital
investment
409,734,864
99.82
718,510
0.17
89.53
816,471
27
Authority to purchase own shares on market
407,902,925
99.22
3,197,438
0.77
89.67
169,482
28
Authority to purchase own shares off market
403,599,665
98.22
7,309,560
1.77
89.63
360,620
29
Notice period for general meetings other
than annual general meetings
404,754,799
98.43
6,435,857
1.56
89.69
79,189
The results for the election and re-election of independent non-executive directors, excluding the votes cast by Olive Partners, S.A. as the Company's controlling shareholder, are set out below (see note 4):
Resolution
For (see note 4)
Against (see note 4)
Issued share capital represented
by votes%
Votes withheld (see note 3)
Votes
%
Votes
%
4
Election of Robert Appleby as a director of the Company
242,354,439
98.89
2,714,598
1.10
53.46
71,822
6
Re-election of Guillaume Bacuvier as a director of the Company
242,557,576
98.98
2,487,911
1.01
53.45
95,372
7
Re-election of John Bryant as a director of
the Company
234,963,684
95.87
10,105,029
4.12
53.46
72,146
Resolution
For (see note 4)
Against (see note 4)
Issued share capital represented
by votes%
Votes withheld (see note 3)
Votes
%
Votes
%
10
Re-election of Natalie Gaveau as a director of the Company
243,780,717
99.48
1,264,846
0.51
53.45
95,296
12
Re-election of Mary
Harris as a director of the Company
214,109,314
87.39
30,884,177
12.60
53.44
147,368
13
Re-election of Thomas
H. Johnson as a director of the Company
206,754,416
84.39
38,239,475
15.60
53.44
146,968
15
Re-election of Nicolas Mirzayantz as a director of the Company
242,753,615
99.05
2,315,817
0.94
53.46
71,427
16
Re-election of Mark Price as a director of the
Company
222,955,819
91.00
22,036,092
8.99
53.44
148,948
19
Re-election of Dessi Temperley as a director of the Company
243,821,906
99.49
1,246,179
0.50
53.46
72,774
Notes:
Votes "For" and "Against" are expressed as a percentage of votes received.
As at 3:30pm on Tuesday 20 May 2025, the time by which shareholders who wanted to attend, speak and vote at the AGM must have been entered on the Company's register of members, there were 458,454,255 ordinary shares in issue.
A "Vote Withheld" is not a vote in law and is not counted in the calculation of the proportion of votes "For" or "Against" a resolution.
Under the UK Listing Rules (the "UKLR"), Olive Partners, S.A. ("Olive") is treated as a "controlling shareholder" of the Company (that is, it exercises or controls more than 30% of the voting rights of the Company). In accordance with UKLR 6.2.5R, the election and re-election of CCEP's independent non-executive directors must be conducted in accordance with UKLR 6.2.8R and 6.2.9R. Accordingly, the votes by CCEP's shareholders excluding Olive and its presumed concert parties (the "Independent Shareholders") in respect of resolutions 4, 6, 7, 10, 12, 13, 15, 16 and 19 have been counted and set out separately to determine whether these resolutions have been approved by a majority of the Independent Shareholders.
Resolution 24 was put to the AGM as a resolution of the Independent Shareholders.
Resolution 24, being the ordinary resolution to approve the waiver by the Panel on Takeovers and Mergers under Rule 9 of the City Code on Takeovers and Mergers (the "Rule 9 Waiver") in connection with the Company's buyback programme, was duly passed by 74.95% of the votes cast by the Independent Shareholders with 25.04% of votes cast against. Resolution 24 is a standing agenda item at each Annual General Meeting to enable CCEP to exercise the authorities under resolution 27 to purchase its own shares on market and resolution 28 to purchase its own shares off market, which were passed with majorities of 99.22% and 98.22% respectively. This will enable CCEP to make use of the option to return value to shareholders through a possible future buyback programme. Had resolution 24 not been passed, the Company would not have been able to effect such buyback programmes, as explained in the Notice of AGM and also in the Letter to Shareholders issued via RNS on 12 May 2025.
CCEP intends to continue to engage with ISS on their standing policy to generally recommend a vote against Rule 9 waivers, which we believe may be a contributing factor in influencing investor decisions in this regard. In addition, CCEP will continue to engage, in the normal course and as appropriate, with shareholders who did not support resolution 24 to understand the reasons for their vote against the proposal and to continue a transparent and constructive dialogue on this topic. In accordance with provision 4 of the UK Corporate Governance Code, the Company will publish an update on this engagement, in accordance with the UK Corporate Governance Code, within six months of the 2025 AGM and a final summary in the Company's Annual Report for the 2025 Financial Year.
Olive is currently interested in 166,128,987 shares in the Company and the Rule 9 Waiver does not entitle Olive to be interested in a greater number of shares. The Rule 9 Waiver would allow Olive's interest in shares as a percentage of the Company's total shares to increase as a result of the exercise of the Company's authorities to purchase its own shares, but only to the extent that the resulting interest of Olive, together with any concert parties, in the shares of the Company did not then exceed 40.1137%.
In accordance with UK Listing Rule 6.4.2R, copies of the resolutions that do not constitute ordinary business at an annual general meeting will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
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Coca-Cola Europacific Partners is one of the world's leading consumer goods companies. We make, move and sell some of the world's most loved brands - serving nearly 600 million consumers and helping over 4 million customers across 31 countries grow.
We combine the strength and scale of a large, multi-national business with an expert, local knowledge of the customers we serve and communities we support.
The Company is currently listed on Euronext Amsterdam, NASDAQ, London Stock Exchange and on the Spanish Stock Exchanges, and a constituent of both the NASDAQ 100 and FTSE 100 indices, trading under the symbol CCEP.
For more information about CCEP, please visit https://www.cocacolaep.com and follow CCEP on LinkedIn
Disclaimer
Coca-Cola Europacific Partners plc published this content on May 23, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 23, 2025 at 14:42 UTC.