G'day all, If anyone can help on this I would be interested to hear. This is how it was explained to me however I just can't believe this is how your proxy vote works. A mate went to a shareholder meeting and had already voted by proxy against the ceo's renumeration (as did I), upon entering the meeting he was asked if he wanted his proxy vote to still stand, he said yes not realising the consequences. The vote on the ceo's salary was the following. 30 people voting at meeting, 16 for , 14 against and the motion got up. It was explained that they only look at proxy votes if at the meeting the vote was even, ie 15/15 out of the 30 attendees (even if all the proxy votes were against the pay rise they wont get looked at), eg you could have millions of shareholder votes against a motion but if at the meeting it gets up by 1 vote out of 30 people the motion stands. Surely this cant be true. Can any one explain to me if this is correct or help out, maybe Davo?
ELK Price at posting:
9.4¢ Sentiment: Hold Disclosure: Held
