I know it is popular these days to take a position against everything and put in a protest vote but I would be curious to know a bit of reasoning. Unfortunately a platform like HC is full of simplistic generalisations and while I agree that everyone should vote, I do hope they read all info on the issues. (My comments follow)
Res 1 (a), (b) & (c) - re - election of Directors.
Is there a particular action these Directors have taken which you disagree with (and I am talking about the actions taken and the direction of the bank since, say the RC)? It is always easy to want Directors out but who are the proposed replacements? Will the Climate Industry try and put up a couple of nominess perhaps? I note you mention the capital raising and buy back and that you can't erase history. That is absolutely true and history will show that at the start of Covid, NAB made a decision to bolster capital to cover an expected dire economic outlook which as it turned out was not required, however history should also record that the markets were factoring in armageddon and I don't think the Directors had much option. Capital Management is complex and one thing we can be thankful of is the strength of our bank's balance sheet these days (Obviously Directors don't have much option here!!)
Please note - I am not trying to support these Directors, however I would want to know alternatives proposed and I don't see any names put forward at this AGM. (I am also well aware of the quality (or lack thereof) of Directors of many Corporates!)
I guess it is purely a protest vote? Fair enough.
Res 2 - Hard to disagree with an Against for remuneration report on just about any of our Corporates these days, although not really sure what a reasonable figure is!?
Res 3 (a) & (b) - Similar to Res 2, but definitely worse! CEO salaries are out of kilter and just accepted by broader market. Not sure how it will eventually be reigned in but certainly Against from me as well. (Again, not Bank specific, a Corporate issue globally without doubt!)
Res 4 - While I am always wary of changing a Constitution not sure I can see what the issue is here. What is your reason to vote Against on this Res? I have tried to read all clauses and am leaning to a "for" for this however accept I may have missed something?
Res 6 - Agree, a definite Against from here. Not good for any company to have the tail wagging the dog and unfortunately special interest groups are becoming a worrying voice in the Corporate world.
The history of voting at AGM's in companies like NAB usually means the Insto's hold sway and to be fair usually have a much more intimate knowledge of the inner decision making in regard to direction, capital management, financial considerations etc however a Special resolution such as 4 & 6 potentially places power in retail holders hands so I also would urge all holders to vote after reading information provided.
None of the above should be considered advice and is just my initial thoughts and questions.
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$38.71 |
Change
-0.090(0.23%) |
Mkt cap ! $118.5B |
Open | High | Low | Value | Volume |
$38.78 | $38.96 | $38.58 | $113.7M | 2.934M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 9339 | $38.67 |
Sellers (Offers)
Price($) | Vol. | No. |
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$38.76 | 12254 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 9339 | 38.670 |
2 | 10925 | 38.650 |
2 | 5224 | 38.640 |
2 | 10984 | 38.630 |
1 | 3914 | 38.610 |
Price($) | Vol. | No. |
---|---|---|
38.760 | 12254 | 1 |
38.770 | 5224 | 3 |
38.800 | 36707 | 4 |
38.810 | 7264 | 1 |
38.840 | 16521 | 2 |
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