Ann: Notice of Annual General Meeting/Proxy Form, page-13

Minority shareholders have a devil of a time in effecting any influence on a listed company. AGM voting is a key opportunity to attempt to do so, though inherently difficult where Institutions or others control a large percentage of stock.

From the perspective of a minority shareholder, the most significant resolution a board is compelled to make is that of the Remuneration Report. Why so? Because this resolution requires 75% support. Therefore the burden of 'winning' is substantially higher for the company (and by extension, lower for shareholders).

The Remuneration Report vote can be used as a proxy opportunity for minority shareholders to exercise real and substantial change. A strike (loss) in 2 consecutive years results in an automatic spill motion of the entire board.

If this is an outcome you would like, then in my opinion, the best opportunity to create such a situation is to target the Remuneration Report vote at the AGM and make them aware that this vote is being used as a proxy for an agenda of change at the board level.