Ann: Results of 2020 AGM, page-11

The board should be ashamed, the results at 60/40 of the AGM are shameful, 40% of their investors effectively voted against them.

My view on GVF is that they are passionate about principles and improving corporate governance in Australia. As Miles has said before, 'what you permit, you promote' so if we as shareholders continue to permit these ridiculous golden parachutes, we promote them as the standard. In the UK market, a thriving LIC space, managers are terminated on 3 months notice, there is no such thing as a 10y management agreement!

I still don't believe we needed to pay any fee to the manager and I'm annoyed that we are. That said, at least we are getting hold of 70c now, we know that loan is getting repaid (finally!) and its 1.1m to Arowana instead of 1.34m plus the brokerage saving. I don't believe any of this would have been possible without the shareholder pressure from 40% of the register...