The below was taken from the results of the 2023 AGM:
“As more than 25% of the votes cast on Resolution 1 were against the adoption of the Remuneration Report, this constitutes a ‘first strike’ for the purpose of the Corporations Act 2001 (Cth).”
I’m not a lawyer but I spent a good 5 minutes with Dr google and it seems that if there’s a second strike (i.e. more than 25% of the votes against adoption of the remuneration report) , then there’s a vote to spill the board within 90 days where if more than 50% of the votes are in favour of a spill then within all directors must stand for re-elections.
from memory - there were some angry investors last year due to the lack of results and the issuing of performance options which some deemed excessive .
all the lawyers - please free to correct the above. Everyone else except the annoying downrampers , feel free to chime in if my memory failed me.
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