Protest votes at Reliance meeting

By the Editorial Team · Saturday, October 24, 2026

Reliance Worldwide experienced notable shareholder opposition at its annual meeting, with nearly 18.3% voting against the re-election of chairman Russell Chenu and over 27% opposing a long-term incentive grant for CEO Heath Sharp. Despite this dissent, the majority backed key resolutions, supporting the pending $3.6 billion Brookfield acquisition amid ongoing economic and geopolitical challenges.

Global private equity firm Brookfield’s $3.6 billion takeover target, Reliance Worldwide, faced notable shareholder dissent at its annual general meeting on Friday. Investors cast significant protest votes against the resolution to re-elect chairman Russell Chenu, who has served on the plumbing products company’s board since 2016 and assumed the chairmanship in January. The resolution recorded 18.27 percent of votes against re-election.

Shareholders also pushed back on executive remuneration matters. Approximately 16.17 percent voted against the company’s remuneration report, which fell short of the 25 percent threshold that would trigger a formal “first strike” under governance guidelines. In contrast, a resolution approving a long-term incentive grant for the company’s US-based CEO Heath Sharp attracted more opposition, with 27.12 percent of votes cast against it.

The voting unfolded shortly after the expiration of Reliance Worldwide’s suitor-approved “go-shop” period, during which the company sought alternative offers. The period concluded without any competing bids. Chairman Chenu described this process as a “comprehensive market test” affirming the agreed Brookfield deal price of US$3.38 per share.

During the meeting, Chief Executive Heath Sharp addressed investors regarding the broader economic environment. He highlighted ongoing challenges stemming from global geopolitical tensions and US trade policies, which are expected to exert pressure on input cost inflation, interest rates, and consumer demand through 2027.

Sharp’s fiscal year 2027 fixed remuneration has been set at US$1.1 million, consistent with the prior year, supplemented by pension contributions, a US$73,200 perquisite allowance, and additional benefits. His short-term incentive opportunity ranges from US$1.27 million to US$2.5 million, while his long-term incentive potential sits between US$3.8 million and US$6.65 million.

The shareholder dissent reflects some unease over executive remuneration amid the challenging market backdrop and the pending Brookfield acquisition. However, the majority of votes supported the resolutions, indicating continued investor confidence as Reliance Worldwide navigates the takeover process and market headwinds.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.