saw something for the first time at the Commissioners Gold AGM today....the MD got voted out. It wasn't so much the fact it happened but more how it happened.
Firstly on the re-election of the MD, he got 2.4M in favour and 700K against. Then when it went to a show of hands it was 7 to 5 in favour (amazingly with the Board split 2 each). So you'd think it's all over...but NO.
The Chairman then calls for a Poll (which is highly irregular when voting for one of his directors) and he and the major shareholder, who between them have about 15M votes, then vote against him. The final counting was 4.4M in favour and 18.7M against (80.9%).
When quized on why the Chairman voted against, he said they wanted to bring in a geologist as MD, and nothing to do with the actions of the current MD.
Seemed a very ruthless way of removing an MD when he hadn't done anything wrong, and shows how a couple of shareholders can dictate the entire strategy of a small cap.
Hank
agm vote
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