In my opinion shareholders lost an opportunity to give CCE a first strike on the remuneration policy last year. Had that occurred there would be real consequences this year with a second strike. The signs were there in 2017.
I voted against John Davidson's re-election, off the back of what were then already apparent downgrades in EMC's expected 2018 revenue, and his sale of shares - a major red flag to the market. Lamentably, he sailed back onto the Board.
The 2017 remuneration report passed by 218,106,631 votes to 20,139,669, which also looks like a major endorsement... until you look at the number of abstentions for that particular resolution: 468,607,707. A far, far greater number of abstentions than for any other resolution that was proposed at that AGM. This gives me hope that this year MO and the Board will get a major message with the 2018 remuneration report resolution. But once again, it would have been so much more significant if we were looking at a second strike this year rather than a first strike.
There is some overly philosophical talk on this thread about how one always takes risks with a penny stock, que sera, sera etc. etc. ... as if shareholders have no power to act, and as if incompetent and opaque management is only to be endured. We may have extremely modest rights but I plan on exercising mine and voting my mind at every opportunity - and maybe even creating some opportunities to do so.
Anyone of a similar mind?
CCE Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
