Yes, if remuneration report is rejected this time (more then 25% vote against) then there will be spill and all current directors needs to resign and re-nominate if they want to continue. However, item no. 6 for spill resolution meeting needs to be voted "for" by majority shareholders in order for spill meeting to go ahead and directors to resign and that is why for item no. 6 the board is asking everyone to vote against so they can stay in their seats and continue to perform how they did over last decade... IMO.
The main reason otto got position in the board is to avoid him voting against remuneration report and spill motion.. as he has i think 30m shares.... !! so roger and martin can still stay in their seat and continue to get paid... IMO.
I prefer the spill motion to go ahead so all director resigns and then they re-nominate themselves in which people can always vote in favour for "Otto" and obviously against Roger & Martin if they really want them to be out of this company board... IMO.
I voted against remuneration report and voted for item 6 "Spill resolution" as I prefer Martin and Roger step aside for their performance over last decade and obviously performance in other asx listed company Immuron and Cellmid.. .. IMO.
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