Next PLC AGM Update (2647T)

TIDMNXT

RNS Number : 2647T

Next PLC

13 November 2023

NEXT plc ("the Company" or "NEXT")

AGM Update

All resolutions put to shareholders at the NEXT 2023 Annual General Meeting ("the AGM") on 18 May 2023 were passed. A minority (20.84%) of shareholders that voted, chose not to support resolution 12 which related to the re-election of the Company's Non-Executive Chair, Mr. Michael Roney, as a director of the Company.

In line with the provisions of the 2018 UK Corporate Governance Code, the Company engaged in a consultation process with shareholders to gain an understanding of their reasons for voting against the re-election of Mr. Roney and now provides this update on the views received from shareholders.

Based on the views expressed by those shareholders before the AGM and who were identified as having voted against and who responded to the consultation, the level of votes against Mr. Roney's re-election were primarily due to him being considered as overboarded with a secondary concern relating to the gender make up of the Board.

The Board accepts that some investors apply a stricter voting policy than the market generally in relation to Chair and Directorship roles on the boards of listed companies. Mr. Roney provides more than enough time to his role as Chair and effectively discharges the functions and obligations of the role. He has attended all Board and Committee meetings held in the past three years. He is always available when required as was evident in the Group's response to the pandemic and his involvement in the major strategic decisions made by the Board in recent years.

The NEXT Nomination Committee monitors Directors' external commitments and would take appropriate action in the event of any concerns being raised about the ability of any director, including the Chair, to dedicate sufficient time to their roles.

Mr. Roney brings significant experience to his role at NEXT, provides clear direction and leadership to the Board and the Board believes that his continuing appointment as Chair is for the benefit of all stakeholders in the Company.

The Company will set out further details on these matters in the 2024 Annual Report.

Ian Blackwell

Company Secretary

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