It not the future direction of AGL that bothered me, its simply the manner in getting a “puppet director” installed!
What allowed this stupidity to happen, is simply the voting system! Like I said in a previous post, this flaw in the voting system has allowed MCB to act in an undiplomatic manner which wasn’t the norm. Generally, duress on the board and management is expressed behind closed doors.
The misuse of the poll voting option was basically confirmed by the necessity to introduce the, ‘remuneration two strike” legislation into the Corp Act.
The Australian Shareholder’s Association thought that by structuring themselves and acting as the representative for retail investor’s they could curb the excess of the T20 behaviour to favour their cohorts.
Unfortunately, the ASA was duped by the Institute of Directors who had assessed that 25% would still protect their cohorts interests. Some countries have reduced this figure down to 20%, which is still too high when u consider our participating rates.
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AGL Price at posting:
$8.86 Sentiment: Hold Disclosure: Held
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