If Resolution 1 is not passed, the Directors will not be required to alter any of the arrangements in the Remuneration Report.
Nevertheless, under the Corporations Act, a ‘two strikes and re-election’ process in relation to the Shareholders’ vote on Resolution 1 is required and provides that: • A ‘first strike’ will occur if this Remuneration Report Resolution (Resolution 1) receives a ‘no’ vote of 25% or more. If this occurs, the Company’s subsequent remuneration report must contain either an explanation of the Board’s proposed action in response to the ‘no’ vote, or an explanation of why no action has been taken by the Board.
• A ‘second strike’ will occur if the resolution to adopt the remuneration report at the next annual general meeting of the Company also receives a ‘no’ vote of 25% or more. If this occurs, the Shareholders will vote at that annual general meeting (the Spill Resolution) to determine whether the Directors will need to stand for re-election at a separate, subsequent general meeting (the Spill General Meeting). If this Spill Resolution passes with 50% or more of the eligible votes cast, the Spill General Meeting must take place within 90 days from the relevant annual general meeting.
HIO Price at posting:
11.5¢ Sentiment: None Disclosure: Not Held
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