STOCKHOLDERS’ MEETINGS – AUSTRALIA

Packer concedes global strategy failed

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Original article by Aaron Patrick
The Australian Financial Review – Page: 5 : 27-Oct-17

Crown Resort’s controlling shareholder, James Packer, has conceded at the its AGM that the casino group’s offshore expansion was a failure. However, he said he is optimistic about the prospects of its Sydney casino, hotel and apartment complex, which Lendlease is building on Sydney Harbour. Packer also observed that Crown had made around $A2 billion from its international foray, which was possibly the best result of all Australian companies that have abandoned offshore expansion plans.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, LEND LEASE GROUP LIMITED – ASX LLC, MELCO CROWN ENTERTAINMENT LIMITED

Goode blasts ‘unfair’ tax on big five banks

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Original article by Eli Greenblat
The Australian – Page: 20 : 17-Oct-17

Diversified United Investments (DUI) chairman Charles Goode says the Federal Government must reconsider its proposed levy on the four major banks and Macquarie Group. He has told the listed investment company’s shareholders that the banks already pay billions of dollars in income tax, and targeting only some companies in a specific sector is unfair and discriminatory. DUI holds $A240m worth of shares in the major banks, while Australian United Investments – which is also chaired by Goode – has a $A315m exposure to the big banks.

CORPORATES
DIVERSIFIED UNITED INVESTMENT LIMITED – ASX DUI, AUSTRALIAN UNITED INVESTMENT COMPANY LIMITED – ASX AUI, MACQUARIE GROUP LIMITED – ASX MQG, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WOODSIDE PETROLEUM LIMITED – ASX WPL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, IAN POTTER FOUNDATION, FLAGSTAFF PARTNERS PTY LTD, WALLARA ASSET MANAGEMENT, RIVER CAPITAL PTY LTD, SG HISCOCK AND COMPANY LIMITED, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI

Robb joins fight over free-to-air licence fees

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Original article by Jake Mitchell
The Australian – Page: 23 : 9-Dec-16

The Ten Network’s remuneration report was rejected by 17.06 per cent of votes cast at the 2016 AGM. Ten is lobbying the Federal Government for a further reduction in TV broadcasting licence fees, but chairman David Gordon concedes that these efforts have had limited effect to date. Ten director Andrew Robb, who stepped down as trade minister earlier in 2016, says both major political parties recognise that local networks pay higher licence fees than their overseas peers. He adds that the government’s fiscal problems may be delaying reform.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, LIBERAL PARTY OF AUSTRALIA, WIN CORPORATION PTY LTD, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS

Mobile and corporate sales to help TPG beat margin squeeze

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Original article by Max Mason
The Australian Financial Review – Page: 13 & 18 : 8-Dec-16

TPG Telecom executive chairman David Teoh told shareholders at the company’s AGM on 7 December 2016 that the long-term prospects for the group are very good. TPG is in the process of entering the mobile telephony market in Singapore. Teoh spoke about the benefits of a transition from the digital subscriber line service to the fibre to the building internet broadband connection in Australia, as the latter is more profitable.

CORPORATES
TPG TELECOM LIMITED – ASX TPM, NBN CO LIMITED, SINGTEL OPTUS PTY LTD

South32 cops criticism on executive pay

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Original article by Tess Ingram, Peter Ker
The Australian Financial Review – Page: 23 : 24-Nov-16

Institutional Shareholder Services has questioned South32’s short-term incentives scheme given the group’s large net loss for 2015-16 and its industrial safety record. The proxy adviser has recommended that shareholders vote against the miner’s remuneration report at the 2016 AGM. The Australian Shareholders’ Association also intends to vote against the remuneration report, as well as the issuance of share rights to CEO Graham Kerr. South32’s 2015 remuneration report was rejected by 5.6 per cent of shareholders.

CORPORATES
SOUTH32 LIMITED – ASX S32, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, ABERDEEN ASSET MANAGEMENT LIMITED, FORTESCUE METALS GROUP LIMITED – ASX FMG, WESTERN AUSTRALIA. ENVIRONMENTAL PROTECTION AUTHORITY

Prime chair acts to avoid a second strike

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Original article by Darren Davidson
The Australian – Page: 21 : 23-Nov-16

The remuneration report of Prime Media Group was endorsed by a large majority of votes cast at the 2016 AGM. Chairman John Hartigan said the company had revised its executive pay structure in response to feedback from shareholders. Prime had incurred a first "strike" against its remuneration report in 2015. Shareholders have also voted against a resolution to hold a meeting to spill the board. Meanwhile, Hartigan has advised that he has agreed to give up half of his director’s fee. Prime posted a statutory loss of $A93.5m in 2015-16.

CORPORATES
PRIME MEDIA GROUP LIMITED – ASX PRT, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, NETFLIX INCORPORATED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY

CBA pay revolt triggers first strike at AGM

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Original article by James Eyers, Julie-anne Sprague
The Australian Financial Review – Page: 2 : 10-Nov-16

At the Commonwealth Bank of Australia’s AGM in Perth on 9 November 2016, the bank received a "first strike" when 49 per cent of votes and proxies rejected the remuneration report. Shareholders objected to the introduction of performance measures that would be difficult to measure and quantify. The meeting was disrupted by environmentalists who chanted a slogan "Act on climate, CommBank can".

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, AUSTRALIAN YOUTH CLIMATE CHANGE COALITION LIMITED

Domain slump only ‘temporary’

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 4-Nov-16

Fairfax Media CEO Greg Hywood warned shareholders at the company’s AGM on 3 November 2016 that Domain’s first half EBITDA will be lower when compared with the previous corresponding period. Hywood described the decline in EBITDA as temporary and stressed that the outlook for Domain is positive. Fairfax shares closed 4.3 per cent lower at $A0.775 on 4 November 2016.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN.COM.AU, REA GROUP LIMITED – ASX REA, NEWS CORPORATION – ASX NWS

Dreamworld’s dud damage control

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Original article by Mark Ludlow, David Marin-Guzman
The Australian Financial Review – Page: 1 & 13 : 28-Oct-16

Ardent Leisure planned to re-open parts of the Dreamworld theme park on 28 October 2016 but, upon the advice of Queensland police, the company decided to postpone it. Ardent Leisure CEO Deborah Thomas told shareholders at the company’s AGM on 26 October that the accident which resulted in four deaths on 25 October would have a "significant impact" on the 2016-17 financial results.

CORPORATES
ARDENT LEISURE GROUP – ASX AAD, DREAMWORLD LIMITED, QUEENSLAND. DEPT OF EMPLOYMENT AND INDUSTRIAL RELATIONS

Origin Energy in recovery mode after $25b APLNG venture

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 20-Oct-16

Just 3.02 per cent of votes cast at Origin Energy’s 2016 AGM rejected the group’s remuneration report, although an equities grant to outgoing CEO Grant King attracted a "no" vote of 16.21 per cent. King told shareholders that the company’s investment in the Australia Pacific LNG project had taxed its resources, and a stake of 30 per cent rather than 37.5 per cent may have been appropriate. However, King is upbeat about Origin’s outlook. He will be succeeded by Origin veteran Frank Calabria.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA PACIFIC LNG LIMITED, RBC CAPITAL MARKETS