The result is a setback for the French investor and Havas chairman, who is wants to set up an alliance between Aegis' media buying business Carat and Havas' media agency Media Planning Group.
It vindicated Lord Sharman, the Aegis board and chairman, who had decried Bollore's manoeuvres as a "severe" conflict of interest and urged shareholders to vote against Bollore's two candidates, Philippe Germond and Roger Hatchuel.
In a statement reacting to the result, Lord Sharman thanked shareholders for their support and expressed hope that Aegis could put Bollore's interest in board seats behind it, but tried to be conciliatory to his opponent.
"From here it is business as usual: so far as we are concerned this was a single disagreement about a single issue of principle and we remain committed to an open and frank dialogue with all of our shareholders, including Group Bollore."
Bollore attended the half-hour meeting with his candidates and spoke for a few minutes at the board's invitation to present his case. The meeting lasted around half an hour.
"We are here for the long term and I can tell you that [as Aegis's biggest shareholder] it is normal to be represented on the board at a minority level. It is only two directors, which is not a lot and it is fair. The two directors are totally independent."
Asked if he wanted to become chairman of Aegis, Bollore said: "I never want to be chairman of Aegis I just want minority and fair representation. I don't believe two directors can take control of the company."
There was a high voting turn out, with 76% of Aegis shares being voted. The results were identical for each candidate, with 41.8% of votes cast in favour of their appointment and 58.3% against, with hardly any abstentions.
According to Aegis, the board received "resounding support" from institutional investors, with 94% of the votes not controlled by Group Bollore going against his proposals.
However, Bollore succeeded in blocking two separate resolutions, one giving the company the power to buy back up to 5% of its shares and the other allowing directors to buy newly issued shares or sell treasury shares ahead of existing shareholders. Both required 75% of votes in favour to be approved.
Aegis played down the impact, claiming the company had not intended to use the powers if the resolutions had been approved.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .
.jpg)
.jpg)