What was significant to me is that almost 50% of votes were against the adoption of the remuneration report. This means the Board has a “strike” against it (more than 25% against).
If this is repeated next year then the Board must allow a vote to permit the Board to be dismissed. It is a very serious thing.
I could be wrong but I don’t think a Board dismissal has actually occurred yet on the ASX.
So this has well and truly been a warning shot for the Board. It may explain why the normally unflappable Chair became a bit “terse”.
The other telling things were that DR gets his Performance Rights and Options by the thinnest of margins. Clearly a lot of SH don’t think he has earned them.
Similarly, the withdrawal of Res 6 has sent the Board a message: “ we are tired of being diluted.”
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