My understanding Jello is that if the board receives more than 25% of votes against the remuneration policy they are given a warning or "strike" then if the following year they also receive more than 25% of votes against the remuneration they receive a second strike and as such are required to resign from the board at which time they along with anyone else can nominate for re-election to the board at a special general meeting.
The new board is then elected at this EGM - as I understand it. Happy to be corrected.
The CVN board have just received their first strike from a collective of disgruntled shareholders that seem to think that the board are overpaid for achieving what they see as nothing this year. I mean its not like this year was different or anything.......
Ann: Results of Meeting, page-16
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