The shareholders have spoken

Yes, and someone got nearly thrown/voted out of the Boardroom.

They are getting paid quite handsomely and the shareholders are just looking in from the outside.

Molopo Energy


Molopo Energy has narrowly avoided a strike for its remuneration report, with 23.56% of shares voted to refuse the remuneration report for the shell company.


Heading into the meeting almost half of proxies were tilted against board and executive pay.


There was also a healthy 31.42% vote against director Ronnen Rosengart, the nominated director of major shareholder Ion.


Ion also has ties with Yaniv Stern, who they say is independent, despite the fact Stern maintains he is an independent director. Some 15.64% of shares were voted against Stern's re-election.


Director Samuel Belzberg, who is a substantial shareholder in his own right, got almost 95% of shares voted against him.


Some 93% of proxies were voted against Rosengart, 46% against Stern and 26.59% against Belzberg.


Shareholders have expressed concerns about the bias of the board, particularly as the cashed-up company is considering a capital return once Canadian litigation has been dealt with over the company’s former North American assets.


Attempts at a settlement have failed, and the issue is likely to be resolved in the courts.