shortall pay protests

Shortall pay protests

December 02, 2008

UNILIFE chief executive Alan Shortall was undeniably the centre of attention at the company's recent annual meeting -- but it wasn't all favourable.

Sizeable protest votes were recorded against several resolutions dealing with Shortall's remuneration at last week's meeting.

Interestingly, a whopping six of the 12 resolutions presented dealt with, in some way, payments to the boss.

More than 48 per cent of the proxy votes that came in opposed the planned issue of 10 million shares to Shortall, while almost one-third opposed the issue of 7.5 million options.

About 43 per cent of proxies registered opposition to Shortall receiving up to $630,000 in the event of his termination, while a similar level were less than enamoured with his entire salary package.

Despite that, each of the resolutions was passed on a show of hands.

Shortall has recently signed on to run the company, which makes retractable syringes, for a further three years.

The new stock, which is yet to be issued, should make up for the shares he lost in July when a former girlfriend sold them.

Shortall, who narrowly escaped jail over a speeding offence committed in his Bentley a few years ago, told his board that the shares were sold without his knowledge.

He was threatening court action over the sale.

http://www.theaustralian.news.com.au/business/story/0,28124,24735935-30538,00.html