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JT Group Limited: 2021 Annual General Meeting voting instructions

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made on 23 April 2021

Decision Reference: MD-TR-2021-0047

Decision Summary Title:

JT Group Ltd - 2021 Annual General Meeting voting instructions

Date of Decision Summary:

21 April 2021

Decision Summary Author:

Advisor - Shareholder Relations

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

JT Group Ltd - 2021 Annual General Meeting voting instructions

Date of Written Report:

21 April 2021

Written Report Author:

Advisor - Shareholder Relations

Written Report :

Public or Exempt?

Exempt

Articles 26 and 33

Subject:

JT Group Ltd - 2021 Annual General Meeting voting instructions.

Decision(s): 

The Assistant Minister decided to vote in favour of the proposed resolutions on behalf of the States of Jersey and to instruct the Treasurer of the States: -

 

  • as Nominee and Trustee for the Minister for Treasury & Resources in accordance with the Declaration of Trusts, to exercise his voting power in favour of the proposed resolutions.

 

The ordinary resolutions are:

 

  1. To receive the financial statements of the Company for the year ended 31 December 2020 together with reports from the directors and auditors of the Company;

 

  1. To approve the director’s remuneration for the year ended 31 December 2020 (as detailed in the financial statements for the year ended 31 December 2020);

 

  1. To approve the final dividend for the financial year ended 31 December 2020 on the ordinary shares of the Company in the amount detailed in the financial statements for the year ended 31 December 2020;

 

  1. To re-appoint the current board members, retiring by rotation as directors in accordance with the UK Corporate Governance Code and, being eligible, offering themselves for re-election as a director;

 

 

  1. To note the retirement of Sean Collins from the Board and the appointment of Mark Shuttleworth as Sean’s replacement as Chair of the Audit Committee;

 

  1. To re-appoint KPMG as auditors to the Company until the conclusion of the next general meeting of the Company at which financial statements are laid before the members; and

 

  1. To authorise the Board of Directors to determine the remuneration of the auditors.

 

Reason(s) for Decision:

To fulfil the States’ role as shareholder of the JT Group Ltd by exercising voting rights at the 2021 Annual General Meeting.

Resource Implications: 

The financial implications are as detailed within the JT Group Ltd Annual Report and audited financial statements.

Action required:

The Head of Financial Governance to inform the Head of Shareholder Relations that this decision has been approved. The Treasurer of the States is instructed to vote in respect of the proposed resolutions.

Signature:

 

 

Position:  Deputy L Ash, Assistant Minister for Treasury and Resources

Date Signed:

 

Date of Decision:

 

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