TAP 0.00% 7.8¢ tap oil limited

Maybe not in the short term but if they get strike 2 at the next...

  1. 1,087 Posts.
    Maybe not in the short term but if they get strike 2 at the next agm a vote on a spill is automatic.

    2.9 Remuneration and performance
    The directors' report for a financial year (see section 4 below) must
    include a remuneration report disclosing certain prescribed details in
    relation to the remuneration of the key management personnel of the
    company.26 A more detailed description of this report is included in the
    Financial Reports section at the end of this Guide.
    A public listed company is also obliged to put a resolution that the
    remuneration report be adopted by a vote at the company's AGM.
    However, the vote is advisory only and does not bind the directors of the
    company.27 Under the "two strikes" provisions in the Corporations Act,
    if 25% or more of votes cast on the non-binding Remuneration Report
    resolution are cast against the adoption of the Remuneration Report
    at two consecutive AGMs, shareholders will be required to vote at the
    second of those AGMs on a "spill resolution".28 The "spill resolution" puts
    the question to shareholders of whether another general meeting is to be
    held (within 90 days) at which all of the Company's directors (other than
    the Managing Director) must go up for re-election.29 Key management
    personnel whose remuneration is included in the Remuneration Report,
    and their closely related parties, are restricted from voting on the
    Remuneration Report and on the spill resolution.
 
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Currently unlisted public company.

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