Ann: 2015 AGM Chairman and Managing Directors Address, page-18

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BlackPeter

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27/05/15

12:27

Post #: 15359622
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Originally posted by swami2 ↑

Maybe not in the short term but if they get strike 2 at the next agm a vote on a spill is automatic.

2.9 Remuneration and performance
The directors' report for a financial year (see section 4 below) must
include a remuneration report disclosing certain prescribed details in
relation to the remuneration of the key management personnel of the
company.26 A more detailed description of this report is included in the
Financial Reports section at the end of this Guide.
A public listed company is also obliged to put a resolution that the
remuneration report be adopted by a vote at the company's AGM.
However, the vote is advisory only and does not bind the directors of the
company.27 Under the "two strikes" provisions in the Corporations Act,
if 25% or more of votes cast on the non-binding Remuneration Report
resolution are cast against the adoption of the Remuneration Report
at two consecutive AGMs, shareholders will be required to vote at the
second of those AGMs on a "spill resolution".28 The "spill resolution" puts
the question to shareholders of whether another general meeting is to be
held (within 90 days) at which all of the Company's directors (other than
the Managing Director) must go up for re-election.29 Key management
personnel whose remuneration is included in the Remuneration Report,
and their closely related parties, are restricted from voting on the
Remuneration Report and on the spill resolution.

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Doesn't change anything ... the Thai gentleman proposed anyway a board spill. However the outcome of the recent AGM indicates that he is lacking the numbers ...

TAP Price at posting: 34.0¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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