AGM and General Meetings

A General Meeting of Provident Financial plc will be held on 3 November 2020 at 9.30am.

The Company has published a Circular containing the full Notice of General Meeting on its website, www.providentfinancial.com and posted the Circular to shareholders. At the General Meeting, the Company will seek shareholder approval of changes to our Directors’ Remuneration Policy and for adoption of the Provident Financial 2020 Restricted Share Plan.

General Meeting arrangements

The Board understands and respects the importance of Shareholders being able to attend, speak and vote at General Meetings. However, the health and safety of our colleagues, customers, communities and shareholders is of paramount importance and we are committed to supporting the UK Government’s efforts in relation to this pandemic. Accordingly, in light of the COVID-19 pandemic and the UK Government’s current guidance on public gatherings, and the new regulations set out in Schedule 14 of the Corporate Insolvency and Governance Act 2020, we regret that it will not be possible for shareholders to attend the General Meeting in person. We anticipate that only the Chairman and a limited number of directors and employees will be in attendance at the General Meeting to ensure a quorum and to conduct the business of the General Meeting.

The Board recognises the importance of shareholder engagement and sees it as important for Shareholders to exercise their right to vote and, accordingly, strongly recommends that shareholders vote on all resolutions by completing and submitting an online proxy appointment form in favour of the Chairman of the meeting in accordance with point 6 of the Explanatory Notes to the Notice of Meeting.

Shareholders are encouraged to submit questions to the Board in advance of the General Meeting by emailing shareholder.questions@providentfinancial.com by no later than 9.30am on 30 October 2020.  We will consider all questions received and, if appropriate and relating to the business of the General Meeting, provide a written response or publish answers on our website www.providentfinancial.com/investors.

The Board will keep the situation under review and may need to make further changes to the arrangements relating to the General Meeting, including how it is conducted, and Shareholders should therefore continue to monitor the Company’s website (www.providentfinancial.com/investors) and announcements for any updates.

The Board would like to thank shareholders for their understanding during these unprecedented times.

Following feedback from our shareholders (and other interested parties), the Board has clarified that any grant made in November 2020 under the Restricted Stock Plan would, at a minimum, incorporate the reduction in value of awards that was applied to awards granted in April 2020 under the Long Term Incentive Plan. This would mean that the Group CEO, for example, would receive a maximum grant in November 2020, under the Restricted Stock Plan, of 85% of base salary as opposed to the normal maximum of 100% of base salary.