Almost 86 per cent of votes cast at Globe’s annual general meeting on Wednesday were against the company’s remuneration report for the 2011-12 financial year. . . That follows a 74 per cent vote against Globe’s pay policy at last year’s annual general meeting. . . Under new corporate laws, shareholders of a company receiving two consecutive votes of 25 per cent or more against its remuneration can force the company’s board to face re-election.
Apparently, the shareholders (who only own 8.6 percent of the company) don’t like the fact that CEO Matt Hill made $721,720 in a year when the company only made $100,000 in profits. So, Globe has 90 days to have a “spill meeting.” Wonder how that will go?
[Link: Sydney Morning Herald]