"In accordance with section 251AA of the Corporations Act, the Company advises that details of the poll results are set out in the summary below. There is a Table of Results in the announcement with the following being on the remuneration motion:
Remuneration Report voting:
For 292,885,138
Against 238,937,486
Abstain 5,283,006
This is well over 25% against and so constitutes a definite First Strike. "The first strike is when a company’s remuneration report receives a ‘no’ vote of 25 % or more. Where this occurs, the company’s subsequent remuneration report must explain whether shareholders’ concerns have been taken into account, and either how they have been taken into account or why they have not been taken into account. " - the Quote is from the LM&& post below with my highlighting.
I wonder what efforts the Chairman and or Managing Director will take to ascertain the shareholder concerns. Certainly, if no action is taken the matter should be taken up with the Regulators.
"In accordance with section 251AA of the Corporations Act, the...
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