JCoure,
I don't think that is correct. As I understand, the remuneration report vote is not binding. However if a company gets two reports voted against i.e. More than 25% of votes against the Remuneration report in 2 straight years - this triggers a board spill.
This has happened before, but most cases the significant shareholders vote the board back on again. It does send a message, but it's a bit toothless.
slooi1
Ann: 2016 AGM Presentation-PAC.AX, page-7
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