How to Vote Information, page-26

Incidentally, the last proxy fight I was closely involved with was just a few months ago in the US involving a biotech I’m invested in. So successful we & our lead activist investor was that Harvard Law is now using it as a case study:

https://corpgov.law.harvard.edu/2023/05/18/activist-wins-another-vote-under-universal-proxy/

Shareholders came together informally, united with a common purpose despite differences on a range of other issues, and effectively rolled the majority of the incumbent board who were up for re-election, including the company CEO who was a director, resulting in his swift resignation from the executive leadership role too (which he’d only just assumed a couple of months prior). Subsequently also taking the scalp of the company chairman (who was not up for re-election but saw the writing on the wall after foolishly choosing not to remain neutral during the proxy fight). The tipping point for many was somewhat similar to here - snouts in the trough (big awards of performance rights and day-one-in-the-job options despite the stagnation/destruction of ordinary shareholder wealth).

Granted, it is little different in Aus compared to proxy fights in the US, but I post this as encouragement to anyone wondering “why bother” as it is the sort of David & Goliath proxy battle that proves the little guy can win with limited resources yet strong grassroots engagement. Imo make your vote count, and send a clear message regardless of the odds that may seem stacked against you.