Shareholders passed both resolutions but the resolution to approve potential termination benefits received 68.4% for on a poll, while resolution 2 to amend the terms of the performance rights previously granted received 74.20% for on a poll. Holding this vote away from the 2016 AGM means the remuneration report vote... Show More
Yesterday's announcement of Sam Walsh's retirement on 1 July 2016 and Jean-Sebastien Jacques' appointment as Deputy CEO and Board member from 17 March 2016 and Group CEO from 2 July 2016 provided clear disclosure on the remuneration decisions for both. I take a look at these decisions in this note.... Show More
Orica released its FY2015 results this morning: while revenue from continuing operations of $5.7 billion is down slightly on the pcp (FY14: $5.78 billion), underlying NPAT on continuing operations of $417.2 million is down 26% on FY14. Statutory NLAT of -$1.267 billion includes $1.169 billion in assets impairments. STI awards... Show More
ANZ's decision to leave Mike Smith's unvested LTI awards to vest at the end of the performance period set at grant and thus remain subject to performance conditions is a better approach than seen at Amcor. When Ken MacKenzie retired on 17 April 2015, the Board decided to accelerate vesting... Show More
Aside from the shareholder requisitioned resolution on the AGM agenda, there is also a resolution asking shareholders to approve a termination benefits scheme to apply to persons who hold a managerial or executive office currently or in the future. Approving this type of resolution means the Corporations Act 2001 (Cth)... Show More