Hearts AGM: Scaled back meeting but important business approved

Hearts were forced to scale back their 115th AGM due to Covid-19.

Hearts held a scaled back AGM at Tynecastle Park due to Covid-19. (Photo by Craig Foy / SNS Group)

The club changed plans, switching the event from the Gorgie Suite to the Main Stand, while focusing solely on formal business, after Nicola Sturgeon’s announcement on Tuesday regarding the “rapid spread of the Omicron variant”.

Chairwoman Ann Budge explained to the small band of shareholders present that the club were “closely following” the First Minister’s advice and that it was “paramount” to look after the wellbeing of those in attendance.

The AGM lasted just under ten minutes with all questions saved for a January meeting, including any regarding the accounts with the club posting a £2million profit.

There was still important business which required the approval of shareholders, namely resolutions involving James Anderson and the Foundation of Hearts.

Both were key in helping the club turn a profit with their respective large donations.

The approval of shareholders was sought regarding the Foundation of Hearts and the adoption of new articles of association of the company following the transfer of ownership to the group earlier this year.

Budge said: “The changes effectively relate to changes required from the transfer of the controlling stake in the company from Bidco1874 to the Foundation of Hearts ltd. And in particular they dovetail in with contractual documentation that was agreed, put in place and signed on the 30th of August 2021 when we did the transfer.”

It was approved and came into effect at the close of the meeting.

Anderson has supported the club financially over a number of years, as well as the Scottish game in general. He joined the board in July and shareholders approved his appointment as director of Heart of Midlothian plc.

The approval prompted Budge to make a quip to Anderson who sat in the Main Stand, a building he donated a significant sum to help build.

She said: "Thank you, James. I’m sure you’re very relieved.”

The shareholders also backed the reappointments of Donald Cumming and Kevin Windram as directors of the company.

"All I can really do now is to thank those of you who have come along," Budge said in her closing remarks. “It’s probably a tough decision, life is difficult for everyone at the moment but thank you for making the effort.”

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