One final post before going into hibernation from this thread on HC, to awaken when the Tullamore Dew is flowing and the new Bentleys are being handed out.
At each AGM, shareholders cast a non-binding vote on the adoption of the Remuneration Report. If more than 25 percent of the votes cast in the non-binding vote are against the adoption of the Remuneration Report, the organisation has a ‘first strike’. The Remuneration Report that is presented the year following the first strike must provide an explanation of the organisation’s proposed action in response to the first strike, or, if they do not propose any action, the reasons for inaction. The organisation will need to understand the reasons behind the ‘no vote’. Engagement with the relevant shareholders, investor groups and/or proxy advisors will be critical in gaining this understanding. The organisation can then consider the concerns raised and either: • Adjust the remuneration framework to address shareholder concerns and explain the adjustments, with supporting rationale, or • Communicate why they consider the chosen framework to be appropriate."
(emphasis mine)
So (a) the vote is non-binding; and (b) nothing will happen for 12 months, except the BoD will be cranky and, maybe, aware that the peasants are revolting.
Unless you know something that I don't, I don't know where your "forces the BoD to vote again" comes in. But I am always happy to be educated.
See you in 2026 - if I am still shuffling around this planet.
VMS Price at posting:
4.7¢ Sentiment: Hold Disclosure: Held
(20min delay)