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Impax Environmental Markets to look for a new auditor

Ernst & Young has been Impax’s auditor since 2013, but a large swathe of shareholders voted against its reappointment at last year’s AGM, so a replacement is now being sought
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Impax investors will get a chance to approve the new auditor at this year’s AGM in May

Impax Environmental Markets PLC (LON:IEM) has sought to reassure shareholders who voted against a couple of resolutions at last year’s annual general meeting.

Back in May, 23.7% of shareholders voted against re-appointing Ernst & Young as the company’s auditor, while 22.8% voted against plans to increase the maximum aggregate remuneration of the directors from £150,000 to £200,000 per annum.

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After listening to the feedback, Impax said it will look for a new auditor to run the rule over this year’s accounts, and shareholders will get the chance to approve the new firm at the AGM in May.

“The company's incumbent auditor will not be invited to participate in the new audit tender,” Impax confirmed in Wednesday’s stock exchange announcement.

As for the increase in aggregate director remuneration, the company said the intention was to give the board more flexibility, such as being able to appoint additional directors during a period of board succession.

“It has been the board's practice to review the ceiling for aggregate director remuneration on a three-year cycle and it confirms that no further increase to the current maximum of £200,000 per annum will be sought before the 2021 annual general meeting.”

Impax shares were broadly flat at 261.5p in late-morning trading on Wednesday.

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