In its simplest form shareholders can only vote on the AGM...

In its simplest form shareholders can only vote on the AGM resolution for the Remuneration Report (Directors, nd Board costs and Board or Board member advisory fees) and not executives or staff packages but there is a body of argument around that says it is becoming a de facto vote against anything the shareholders dont like. It is referred to as the "two strikes rule" under the Corporations Act and typically it spans two AGM's unless a board spill is sought before the second AGM has occurred. To effect a first strike only requires 25% of the casting votes so YBR could well be in the firing line this upcoming AGM and a second strike at the next AGM with the same 25% threshold. If a board spill is sought before the second spill then it requires a 50% or more of votes to count and given the three majors hold over 60% that will be a problem and is just another example of where Mark has set himself up to be rather untouchable but highly paid for it.