Alfa Financial Software : Update Statement on Result of AGM

Update Statement on the result of the AGM

At the Annual General Meeting (AGM) on 26 April 2023, resolution 10 was passed with the necessary majority but with less than 80% of the independent Shareholders voting in favour. Following the vote the Board sought and received feedback from shareholders and understands that the vote against was due to concerns about Board diversity.

The Company, supported by the Board, is passionate about providing an inclusive workplace that promotes and values diversity, which is described in greater detail on page 58 of the 2022 Annual Report & Accounts. However the Company recognises that the composition of the Board is not aligned with the recommendations which aim to improve diversity on Boards. The Nomination Committee agrees strongly with the principle of increasing diversity on Boards and will consider the importance of diversity, for both gender and ethnicity when recommending new board appointments as they arise. Our external and internal board evaluations continue to show that the current board is effective and contains the right blend of experience and skills to deliver the Company's objectives.

In accordance with the UK Corporate Governance Code, a further update will be provided in the Company's 2023 Annual Report and Accounts which will set out the Company's Inclusion and Diversity (I&D) initiatives and the progress against various elements of our I&D Charter.

The Board is supportive of shareholder engagement and continues to make itself available to shareholders on request to understand their views on these and any other significant matters. The Board is also available at each AGM at which shareholders have the opportunity to ask questions in advance of meetings, as well as take part in a question and answer session on the day.