KAROON Gas Australia’s board has survived a second strike on its...

KAROON Gas Australia’s board has survived a second strike on its remuneration report, averting what would have been a subsequent board spill.
At the company’s annual meeting in Melbourne today, 24.51 per cent of the votes went against the remuneration report, just missing the 25 per cent needed for a spill.
Executive chairman Bob Hosking said Karoon (KAR) was about 90 per cent there in terms of corporate governance.
Concerns about corporate governance had been targeted by activist fund Pegasus in its attempt to put in three new directors, oust Mr Hosking and change the company’s strategy.
Mr Hosking said the other 10 per cent would be taken care of this year.
Among Pegasus’s concerns was the high representation of Hosking family members in the company.
None of the Pegasus candidates were voted on to the board.
Pegasus’s candidate for chairman, former BP executive Colin Goodall, was voted down by 89.95 per cent of the shares.
Other Pegasus nominees, Metgasco founder Glenda McLoughlin and former BP executive David Bamford, were voted down by 74.5 per and 85.5 per cent of the shares respectively.