Incorrect.
If the Remuneration report is voted against (by Atleast 25% of shares held, excluding those held by directors and related parties (because they are not allowed to vote)) then the company needs to call and have another meeting within 90 days to elect new directors.
All directors will be eligible to stand, as they effectively are redundant at the end of the spill meeting (unless voted in again). The spill meeting does not affect the managing director.
That's my take on it.
I don't believe I am entitled to vote, so I will leave it up to others to decide!!
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- Ann: Notice of Annual General Meeting/Proxy Form
Ann: Notice of Annual General Meeting/Proxy Form, page-12
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