When Mr Ari Mervis was seeking election to the Board, the AGM didn't display a photo. That';s unusual. He's Chairman of MCP that of late has had a difficult time due to hardly any 'daigou' cross-border export sales into mainland communist China.
Ms Jacquie Naylor sought re-election. A photo was displayed. From what she said, she has too many other roles. How much time does she devote to MYR if she's also on the Board of MHJ and consulting to private equity firms re retail? Is there a potential conflict of interest with the latter versus MYR?
Mr Dave Whittle also sought re-election 'for a third and final term', saying he joined the MYR Board 2176 days ago, perhaps not the best admission as the MYR share price in early January 2015 (for instance) was A$1.35 compared to around A$0.54 today. He mentioned that airline Virgin Australia had a loyalty program that became very valuable. But VA 1.0 went broke! Like the others, he emphasised a passion for retail.
Re the remuneration report, the non-binding resolution would be taken note of by the Board. The Chairman said that changes made during FY 21 included the transformation incentive plan. The FY 21 remuneration policies were carefully considered by the Board, such as the freeze on executive pay. She briefly acknowledged feedback from holders.
The Chairman acknowledged MYR had fallen short of the required 75 per cent support to avoid a second spill. (The vote shown on the screen was just above 32 per cent). (I suggest this is good for the SP)>
Re the grant of performance rights to the MD/CEO Mr King (70 per cent of his total remuneration but won't vest unless the three-year performance hurdles are met. 63 per cent voted in favour of this.
The spill resolution (#6) was put. The Chairman suggested the Board and CEO had worked cohesively, and had reduced Directors' fees. She claimed there would be 'significant disruption during the pre-Christmas trading period. (This was a silly point).
37.5 per cent voted in favour of the spill, so it wouldn't be proceeded with.
The polls remained open as usual.
MYR Price at posting:
54.5¢ Sentiment: Hold Disclosure: Held
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(20min delay)