One of the few ways (small) shareholders can send a clear message to a company is by voting down the remuneration report at the AGM. Company must achieve 75% of the vote to considerd "passed".
Failure to achieve a "passed" resolution in two consecutive years mandates a change to the board composition.
In addition, ASIC is looking to ensure that undirected proxies cannot be used at the discretion of the chairman, in effect they will substain from the vote. This is not law yet, but being a recommended change. In the interim, ASIC are calling on companies to voluntarily comply.
I personally believe it is time shareholders give the message to the board and management and we need to do everything possible to achieve the "not passed" verdict at the AGM.
In this way, Ian can still run the company, but clearly on notice.
Thadius & Dradam (and other IF supporters), I'm hoping you agree that this is a sensible middle ground, as compared to my prior conviction to chop their heads off.
I'd still like to hear from all shareholders to your thoughts to the changes needed to get the result we are all after.
