hi Baldy, yes it doesn’t matter which way people intend to vote , if they want their vote to count then they need to either vote or appoint a proxy.
I guess apathy typically comes from the fact that usually the resolutions are passed with massive majorities so small holders just don’t bother and also many may be unfamiliar with the process or don’t actively get involved with their investments.
Special resolutions which only require 25% against are a different matter, they can more easily be reached by an organised minority group or general shareholder dissatisfaction or a combination of both, which is what’s likely to happen with AGL. Just look at how many remuneration reports achieve a first strike as threshold is 25%, yet Boards very rarely get toppled as that requires a higher threshold.
Will be interesting to see how the voting turns out.
AGL Price at posting:
$8.63 Sentiment: None Disclosure: Held
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