AGM update, page-85

Now that's interesting. Already, I count about 20m or so votes against the resolutions from the few disclosures on hotcopper. I'm aware that there may be another 50m shares spread across a number of other holders who I know and who may be presently minded to vote against the resolutions. So that's 70million (approximately) against - just a rough calculation of course.

Less than 200m proxy votes were case in relation to the 2014 performance share resolutions, and less than 10m were cast against the resolutions for Directors Denison and Edwards. About 30m votes were cast against the resolution for Director Quirk. However, ultimately all 3 got their performance shares granted on the proxy votes counting in excess of 100m in favour of the resolutions. Less than 400m proxy votes were cast in the 2015 AGM.

My point really is that if shareholders are opposed to the resolutions, then the aggregation of their proxy votes sent in the post could realistically have some impact on the outcome of these resolutions posed at the AGM. It's the once-in-a-year opportunity to send a clear message to the directors that will actually have an impact and which they will be forced to acknowledge. Shareholders are, after all, the owners of the company - not the individual directors. By their collective wisdom and decision-making, it is the only time of the year shareholders are empowered to disagree with what the directors propose, and for such disagreement (if it is in the majority) to actually be effective. So make sure you post your vote.