I will be voting no for resolutions 1-4 as a protest on treatment of shareholders in past 12 months. I do not seek to influence other shareholders but I have included reasons below that form the basis of decision on each resolution.
RESOLUTION 1 – ADOPTION OF REMUNERATION REPORT
4DS is a technology company. Changes made to Chief Technology Officers contract from 1st October 2020 were not provided to shareholders until annual report some 10 months later. A reason for the change still has not been provided.
After 5 years shareholders should have clarity on equity award that Dave will receive. Incentives can only be effective if it is clear in advance - this should not be a secret..
RESOLUTION 2 – ELECTION OF DIRECTOR – DRS. WILLIBRORDUS GERARDUS MARIA VAN DEN HOEK
Drs Van received the highest remuneration in 4DS 20/21 - $1,085,507
Shareholders have received only minimal communication from the Chairman via limited quotes in announcements.
Only rationale board has provided for resolution that is updated since appointment is that he has time to do the job & had performance reviewed. Not a very compelling case at all.
RESOLUTION 3 – RE-ELECTION OF DIRECTOR – MR DAVID MCAULIFFE
Dave is the only Australian based executive & is primarily responsible for poor communication with shareholders.
Dave sold shares again after committing not to at last AGM. This commitment was not acknowledged when second sale occurred. ie he didnt say sorry.
RESOLUTION 4 – APPROVAL OF 7.1A MANDATE
4DS board has the thinnest veneer of "independence" with Howard the only independent director.
This resolution is effectively allows selling of 25% of company without shareholder approval. The only rationale provided is to expand or accelerate existing business activities.
A 25% holding would effectively control company given dispersed holdings.
I acknowledge none of this will change the world - pissing in the wind. However, voting at AGM is one of the few tools shareholders can use to openly communicate their views to board.
DYOR Not financial advice
4DS Price at posting:
13.0¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)