When does a company receive a first strike against the remuneration report
The Executive Remuneration Reporter
As we head into a busier week for the AGM season, it is also a good time to revisit our understanding of just when does a company receive a first strike against the remuneration report. The requirement is for at least 25% of the votes cast to be against the resolution. This is clear on a poll, but on a show of hands it is not so clear. A prudent Chair will call for a poll when he or she sees the proxy voting position is close, but unless there is a shareholder present who can demand a poll, it's up to the Chair to do so. Why is it prudent to call a poll? It removes the uncertainty of a close position on the proxy votes which are disclosed post AGM via the ASX Announcements platform. This note from the 2014 AGM season looks at the issue. (VIEW LINK) One of the companies mentioned is Infomedia, who has attracted recent comments from another contributor on their upcoming 2015 AGM (VIEW LINK).
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With a background in human resources, executive search and corporate law, Kym Sheehan brings unique perspectives on corporate governance and meeting resolutions to her work for The Executive Remuneration Reporter. The Executive Remuneration...
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