Ann: Results of 2020 Annual General Meeting, page-3

This morning in 'The Australian' I found an answer. Here is part:

ETFs should have their managers assess the issues, not 'blindly follow proxy advisers':

Qube Holdings has copped a first strike against its remuneration report at the logistic services provider’s annual general meeting after leading proxy firms used a grab bag of complaints, ranging from alterations made to short-term bonuses to the company accepting JobKeeper, to push for a no vote.

All four proxy firms recommended to their clients to reject Qube’s remuneration report, despite the Australian Shareholders Association supporting the resolution, the weight of the proxy firms was enough to deliver a 52.98 per cent vote against the agenda item.

It is also believed a large proportion of the votes against the remuneration report, as much as 25 per cent of the no vote, came from exchange traded funds (ETF), which typically blindly follow recommendations from proxy advisers.

The sizeable no vote easily eclipsed the 25 per cent benchmark needed to trigger a first strike. It is not the first time Qube has been hit with a large number of votes against its remuneration report with it attracting an 8 per cent vote against the remuneration report last year, 20 per cent in 2018 and 10.6 per cent in 2017.

It is believed this year proxy advisers took umbrage at a number of aspects of Qube’s remuneration and corporate governance including the company receiving JobKeeper payments, adjustments made to short-term incentives and other payment metrics linked to workplace fatalities.