Dogboy, not so. Australian Shareholders Association and "proxy firms" have been campaigning about this - and making a lot of headway in ten years on the 'lazy voting'. Pressure your retail super funds - ask them, and if they don't actively vote, ask them why not.
Everyone else - my view is that a smart company or board will remember which banks and which people that burned them at the bottom of the cycle by refusing bridging finance for a perfectly good company, whilst backing others that collapsed. Cast your minds back to the golden age of Australian entrepreneurship in the 80s, when some financiers were lending money to two particular companies up to TWO MONTHS before they went broke. How stupid is that ?!
When you are on your knees like this, you find out who your real allies in business are. People have long memories and when people burn you, there is quite often some form of payback later on, even if it is just that you NEVER do business with them again. Yes, I believe that business is like war, and all is fair.
Why take such a hard line ? Because how can you ever trust them again ?! And by making them pay for it one way or another, you make sure that they never ever burn you again.
OZL Price at posting:
$17.35 Sentiment: None Disclosure: Held
