I simply got onto this thread hoping that some legal minded poster would concur with my interpretation to the temporary amendment of the Corporation Act to accommodate Covid 19.
A small retail investor usually will read a sentence in a Notice of AGM Meetings along the following wording:
However, the Board wishes to seek shareholder approval of this grant in recognition of the importance of shareholderengagement on key remuneration issues, such as the remuneration of the Group CEO.
The Board of Director’s of a majority of companies, choose not to carry out their responsibilities in affording any eligible shareholder the facility to vote by intentionally omitting another option....entitlement to all paperwork to make an informed decision!
I believe it is the intent of the amended Act to ensure to any shareholder should be able to participating in voting irrespective whether they’re not on the Internet
If anything for many years the Institute of Director's, Custodian, Nominees, Super Funds and others in the Top 20 have, with the abetting of Registry companies, been trying to dissuade small retail investors in participating at AGM's meeting with their presence etc.
Their aim was to cost save and not being confronted by nuisance investors as currently obligated under the Corporation Act.
For many years there has been plans and pressure for the government to get rid off AGM meetings and replace them with internet voting instead. Yet management’s and BOD's had this technology for many years and choose to ignore this technology in preference for face too face meetings amongst them!
Management and Directors find that at these AGM meetings, to much time is spent on the remuneration and the environment resolutions.
The more important information such as forward planing are simply glanced over.
Thus this health crises has given company’s more impetus to push the transition too internet voting without proper transitional processes.
The following photo show's, the wording of a letter I received:
No reply paid envelope, proxy form or Notice of AGM Meetings.... they could have mentioned that if you are not on the Internet ...simply ring the registry companies and request for a copies for all paperwork!
On behalf of people in this position, should I lodge a complaint to the Treasurer, ASX or ASIC.
My NBN data package isn’t sufficient to partake in any Internet AGM meeting!
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