2021 recap
A look back at 2021
We asked our members to vote to secure the future of LV=
Votes were cast in advance by proxy, either online or by post. Members were also invited to join the online Special General Meeting (SGM) and/or Members’ Meeting where they could watch the proceedings and cast their votes live on the day.
Thank you to all of our members who voted on our proposals. In order for the proposals to be passed we required at least 75% of those who voted, to vote in favour.
- Both Meetings were held online with the Board in attendance.
- Vote 1 - to approve the acquisition of the LV= business by Bain Capital. 69% of members who voted supported our proposals but the required 75% threshold was not reached and so the acquisition with Bain Capital will not go ahead.
- Vote 2 - 69% of members who voted supported our proposals to complete this transaction via a Part VII transfer but the required 75% threshold was not reached. This means the Resolution was not passed.
- The results for each of the Resolutions can be found in the table below.
Although the majority of members, who took part, voted in favour of our proposals the 75% required threshold wasn't reached.
We respect the outcome, both for the 31% who voted against the deal and the 69% who voted in favour, as we find an alternative way forward.
What does this mean?
- The transaction with Bain Capital will not go ahead.
- LV= remains strong, stable and well capitalised.
- There is no near term impact on current and future members, policyholders, advisers or employees, as a result of the votes.
- Members can still expect the highest standard of services as they do today, with no changes to member policies and all the same safeguards in place.
Voting results - 10 December 2021
Results of Vote 1 and Vote 2 are as follows:
| Turnout | % In favour | % Against | |
|---|---|---|---|
| Vote 1 - To approve the acquisition of the LV= business by Bain Capital | 174,240 | 69% | 31% |
| Vote 2 - To approve a Scheme of Arrangement which will effect a change to Article 14.23 in our constitution | 175,460 | 69% | 31% |
| Turnout | % In favour | % Against | |
|---|---|---|---|
| Vote 1 - To approve the acquisition of the LV= business by Bain Capital | 174,240 | 69% | 31% |
| Vote 2 - To approve a Scheme of Arrangement which will effect a change to Article 14.23 in our constitution | 175,460 | 69% | 31% |
You can watch the two Meetings in full
Special General Meeting (Vote 1)
The meeting was held online with the Board in attendance
Length: 1hr 09min 22sec
Members’ Meeting (Vote 2)
The meeting was held online with the Board in attendance
Length: 22min 15sec
Document library
10/12/21 – A letter to members from our Chair, Alan Cook CBE
10/12/21 – LV= announces result of the Special General Meeting
10/12/21 – Minutes of the Special General Meeting
10/12/21 – LV= announces result of the Members’ Meeting
10/12/21 – A letter to members from the Chair of the LV= Employee Consultation Forum
29/11/21 – A copy of our newspaper advertisement
22/11/21 – A copy of our newspaper advertisement
15/11/21 – A copy of our newspaper advertisement
08/11/21 – A copy of our newspaper advertisement
Nov 2021 – Our letter to members inviting them to vote in Vote 1 & Vote 2
Nov 2021 – Our letter to members inviting them to vote in Vote 2
Nov 2021 – The Explanatory Booklet
Nov 2021 – A letter to members from Bain Capital
Nov 2021 – Notices of Meetings
Nov 2021 – Full report of the Independent Expert – The Bain Capital Transaction
Nov 2021 – Full report of the Independent Expert – The Scheme
Nov 2021 – Full report of the With-Profits Actuary – The Bain Capital Transaction
Nov 2021 – Full report of the With-Profits Actuary – The Scheme
28/07/21 – Letter from Alison Hutchinson, LV= Non-executive Director to Gareth Thomas MP
30/04/21 – Letter from Alan Cook, LV= Chairman to Gareth Thomas MP
16/03/21 – APPG Mutuals Inquiry
15/12/20 – A letter to members from our Chair, Alan Cook CBE
15/12/20 – Our press release