When you look closer at the AGM results, the high abstain votes in Resolutions 2 (Karen O’Neill’s re-election) and 4 (Ratification of Share Issuance) tell an interesting story.
Resolution 2: Karen’s re-election saw 4.6M abstain votes - a significant number compared to other resolutions. Is this a silent protest from retail or even institutions? It raises questions about confidence in her contributions to the board. Given the broader dissatisfaction with governance, this is something management and the board need to address head-on.
Resolution 4: Another 4.5M abstain votes here, which seems tied to dissatisfaction around transparency on share issuance. With retail shareholders already unhappy about dilution, this vote reinforces the need for GBR to communicate better about its financial decisions.
If the recent CR hadn’t gone through, these numbers might have looked very different.
This brings us back to the broader issue. As retail shareholders, we clearly need to organise and make our voices louder. Abstentions are one thing, but we need to show up and vote with conviction to make an impact.
What are the thoughts around these results? Are we seeing early signs of institutional discontent, too?
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