First strike against the remuneration report at Cardno

Cardno received a first strike against its remuneration report at today's AGM, with 40.69% of the poll votes against the adoption of the remuneration report. Of course we were all made aware of this likely outcome when the substantial shareholder in question, Crescent Capital Investments sent a letter to the Board of Cardno and the media got wind of it...around the same time the shareholder advised its intention to launch a partial takeover offer. While the shareholder also indicated they would vote against the resolutions to re-elect the current Board members, all of those resolutions passed at today's AGM. (VIEW LINK) While voting against the remuneration report and the Board worked in particular ways at AusNet's 2015 AGM, (VIEW LINK) just how many votes you can command at the AGM influences the success or otherwise of this strategy.