5% and can spill the board but only have them re elected by the majority holder (nmdc) (here's an example http://m.smh.com.au/business/packer-threat-on-board-spill-20111027-1mm3j.html).
Until Corp act and ASIC put caps on remuneration, the Lcy board will continued to get paid excessively. Remember this survey:
http://www.businessnews.com.au/sites/default/files/attachments/CEOSalarySurvey_0.pdf
Sharon gets a base salary of $473k a year and number 85 on the survey, and what has Lcy delivered to satisfy this payment.
letter to shareholders. , page-10
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