Why was it changed from show of hands to poll voting? SOH is based on an individual getting one vote each and not being based on the amount invested.
Many of the arguments put forward to Treasury sounds more emotive to gain manipulative control of a public company thru changes in the Corp Act. Historical evidence supports that the BOD rather not deal with retail investor and if it wasn’t for some ethical companies the recent changes to Corp Act would only hold virtual meeting’s!
I have one company that has utilised this loop hole in the newer Corp Act to force virtual only meeting..;HT8 There is provision to apply to ASIC to hold virtually only meeting for possible financial reasons. The loop hole is that the T20 can change a company’s constitution to enforce virtual only meeting thru the benefit of Poll Voting.
The point that ur overlooking is that for retail investors there is limited scope of business entities were they can partake and feel like they’re owners with an effective vocal input.
Note the name is ‘Public’ and currently when a retail investors take a chance on IPO to become listed public they actually feels an owners.
When such a company matures it becomes the domain of the T20 and makes these retail investors basically being crowd funding to legitimise being deemed a listed public company.
The Shareholders Association tried to emulate a T20 company and my understanding is they had actually had input in the " Two Strike" for remuneration legislation.
They were outsmarted by the ‘Institute of Directors’ who calculated that even if the Shareholder’s Association pushed for a two strike option they were bound to fail even with the help of retail investors
WBC Price at posting:
$23.30 Sentiment: None Disclosure: Held
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