latest post - my backstory, page-5

Kanga,

1. Typically director appointments require a vote of 50.01%, so if >50% vote against at the AGM then those directors would be removed from the board.

2. I think that judging from the latest post on Richard’s blog, the idea would be that shareholders call an EGM and remove Fowler, Arnett and Boserio, and appoint Cottee, Wrixon Gasteen and David Carter. Don’t know anything about those two, but a quick Google reveals that a Wrix Gasteen was CEO of Hong Leong Asia, a Singapore-based building materials supplier and there’s currently a Wrix Gasteen at a company called BCP Precast. There’d have to be more info in an explanatory memorandum before the EGM.

3. The Corporate Governance Principles on Nexus’ website indicate that the Constitution requires a minimum of three directors, so with Lowden, Drake-Brockman and probably Hartwell (going off the absence of any motion to remove him at the EGM) there would be three on the Board, which would be fine.

4. Not an issue if we assume there will still be three on the board.

As the blog says: “This is a real opportunity for shareholder democracy. This is your company and the shareholders have the right to have their say about the company.”