Mediocracy at work?

Clime Investment Management

Clime Investment Management

The recent AGMs of both Westpac and Woolworth’s came and passed with remarkably little stress for the incumbent boards. Whilst the Westpac Board received a rebuff of 16% against its remuneration report it was well short of the required 25% to make the Board stand up and take notice. However, the more extraordinary vote was the one taken for the remuneration report of Woolworth’s. At the Woolworth’s AGM about 50% of shareholders registered a vote and 91% of these votes were in favour of the remuneration report. This is remarkable because it was in-spite of widespread media dissatisfaction with Woolworth’s performance and the decisions of its Board. Indeed what a slap in the face for so-called proxy advisors whom recommended against the adoption of the remuneration report. So how could the vote be so positive? We discuss this vote in detail. (VIEW LINK)


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Clime Investment Management
Funds Management & Stock Research
Clime Investment Management

The Clime Group is a respected and independent Australian Financial Services Company, which seeks to deliver excellent service and strong risk-adjusted total returns, closely aligned with the objectives of our clients.

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