Annual general meeting
Engaging with our shareholders is a core governing principle for the Board. We value the stewardship of our institutional investors and the views of all our shareholders and analysts.
Voting
How can you vote?
At each AGM, a poll is held on the resolutions proposed to our shareholders. Each shareholder present, or by proxy, is entitled to one vote per share.
Voting by proxy
Shareholders unable to attend the AGM are encouraged to vote using the proxy form mailed to them or sent electronically, as detailed in the notice of meeting.
2024 AGM questions and answers
The following questions relate to the Group's Eden building project in Salford. Eden's façade is wrapped in a living wall containing over 350,000 plants belonging to 32 different species.
What persuaded the company to embark on this project?
Eden occupies one of the most prominent plots in the commercial and residential zone of Salford Central’s masterplan. Following the success of the commercial offices occupying zone B, our subsidiary Muse Places Limited (Muse) decided to change what was originally designed to be a tall residential tower to the last commercial office for the current masterplan.
From a placemaking perspective, Muse knew that they would need to deliver a landmark building to fit in with the area and to attract future tenants. When the design commenced in 2019, Muse had a clear vision to deliver a building for the future, acknowledging the impact that construction can have on the environment. The business wanted to create a building that would act as a blueprint for Muse’s sustainability strategy, ‘Our Sustainable Future’.
Muse assembled a design team which included award-winning architect MAKE and also industry expert Simon Wyatt, who heads up sustainability at Cundall, with the brief that they wanted to create the most sustainable building that they could at that time, within their budget. Eden is generally referred to as a pioneering, net zero carbon in operation building with low embodied carbon (approximately half the embodied carbon of a traditional grade A office).
Through the design process Muse learnt that to deliver net zero in operation buildings, the building needs to have a highly efficient, simple façade with a maximum of a 60:40 glazing ratio. Alongside reducing carbon Muse wanted to greatly increase the biodiversity of the building (by over 2000%) and to add interest to the façade. This resulted in the design and creation of the living wall.
If it is not confidential, can you indicate the costs a) of the original installation and b) of annual maintenance?
The living wall installation costs were not significantly different to that of a traditional façade. The annual maintenance costs are currently confidential.
Will this be the forerunner of similar projects at future Morgan Sindall developments?
Muse's ‘Our Sustainable Future’ strategy sets out sustainability targets for its developments. Part of the strategy is a framework which details the sustainability targets Muse considers when designing their schemes across all sectors (commercial, residential, hotels etc.). Eden’s design predated this strategy but its specification and design process was used as the blueprint to develop the strategy that has been rolled out across all of their developments. With the recent changes to Biodiversity Net Gain requirements in regards to planning, there is an increased need to enhance biodiversity for future developments. Through the learnings at Eden, Muse is developing a living wall guide that can be used to aid other developments. Muse has recently delivered a living wall on a project in Stockport and, while they have no immediate plans to deliver another living wall to the scale of Eden, they remain committed to delivering low energy, low carbon developments, offices and homes. At present Muse is designing highly sustainable workplaces in St Helens and Blackpool and has completed low energy Passivhaus homes at their Greenhaus affordable residential scheme in Salford. They have also just started on site with the next phase of Passivhaus homes at Willowhaus, also in Salford.
Is anyone surveying the building to establish what species of a) insects and b) birds it is attracting. Is any data available to interested individuals?
Muse is currently exploring options for carrying out surveys to monitor the biodiversity and air quality on Eden which they expect to significantly improve. This information will be published on the website once available. You will be able to view these updates at https://www.new-bailey.com/eden/ in the coming months.
The questions below relate to investor engagement.
How informed are the younger generations (especially Gen Z) about personal finance, capital markets and investing?
As a Company we do not survey our employees on these matters and are therefore unable to comment.
Especially within our difficult economic circumstances, what impact do you think, if any, could individual investors deliver to companies' overall performance?
We encourage our employees to hold shares in the Company by offering a number of share schemes, including an all-employee save-as-you-earn plan. These schemes help to engage employees with the overall performance of the business and to support delivery of the Group’s long-term performance.
In your opinion, what matters most to the younger generation of individual investors?
As a Company we do not survey our employees on these matters and are therefore unable to comment.
What more, if anything, can companies like the one(s) you represent, do to educate, empower, or engage individuals on basic personal finance and investing?
As a Group, we provide all our employees with access to retail deals and discounts as well as a digital GP service and employee assistance programme. We also provide access to the Nudge Financial Education Service which provides employees with independent information for educational purposes on a wide range of financial matters including personal finance and investing.
Through our pension with LifeSight Mastertrust (LifeSight), employees receive educational information on various financial matters as well as guidance on the investment options available, to help them select options that are right for them personally. At retirement, members of LifeSight are offered access to Hub Financial Solutions, a non-affiliated financial advisory firm who provide a wide range of retirement support services to help members plan for their retirement.