"Vote blocks payout to Oxiana founder"Here is some the the...

"Vote blocks payout to Oxiana founder"

Here is some the the article:

"A termination payment can be made without shareholder approval as long as it is below a threshold of seven times the executive's earnings in the previous year. In Mr Hegarty's case, the patout was beyond this, and so had to be put to a shareholder vote."

"Mr Hegarty had 2 years to run on a 3 year contract and the $10.66 million payment was about equal to double what he got last year as managing director. But the plan to compensate him for what he might normally have got in the absence of the Zinifex merger fell foul of the corporate governance proxy advisor industry."

"Mr Cusack said Oxiana would be taking advice before deciding how to proceed in a way where it could "treat Owen fairly in the circumstances."

"Mr Hegarty said after the meeting it was clear that institutions rather than Oxiana's retail shareholders base had blocked the payment."

"Mr Hegarty was in the front row of the meeting room when Oxiana chairmain Barry Cusack revealed the resolution would not be put."

I have something for Owen & Board (11 of them). He can have $18 Million if the price of Oxiana goes up 50% from announcement of merger by end of 2009. ($3.97 + 50% = $5.96). Back up your decions if you think it was a good one, Board members!!!