STOCKHOLDERS’ MEETINGS – AUSTRALIA

The ayes have it: companies wave goodbye to show-of-hands voting

roymorgansocial Leave a comment

Original article by Andrew White
The Australian – Page: 21 : 10-Feb-16

The Australian Council of Superannuation Investors believes that companies should use a poll rather than the show-of-hands system to vote on resolutions at AGMs. It is estimated that about 20 per cent of Australia’s top 200 listed companies still use the traditional show-of-hands, although this methods is now used by less than 10 per cent of top-100 companies. Lobbying by TIAA-CREF has convinced many large companies that used a show-of-hands at their 2014 AGM to abandon the practice.

CORPORATES
AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, TEACHERS INSURANCE AND ANNUITY ASSOCIATION – COLLEGE RETIREMENT EQUITIES FUND, AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, AUSTRALIA. CORPORATIONS AND MARKETS ADVISORY COMMITTEE

Obsolete media rules shackle Foxtel, says Ten chairman

roymorgansocial Leave a comment

Original article by Dominic White, Max Mason
The Australian Financial Review – Page: 13 & 18 : 17-Dec-15

Shareholders at Ten Network’s 2015 AGM have voted in favour of a deal for Foxtel to acquire a 15 per cent stake in the free-to-air broadcaster. Meanwhile, Ten chairman David Gordon has urged the Australian Government to abolish cross-media ownership rules, noting that the growth of digital media groups has made the rules redundant. He has also called for TV broadcasting licence fees to be scrapped, arguing that digital rivals have a competitive advantage.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, WIN CORPORATION PTY LTD, BLACKMORES LIMITED – ASX BKL

Woolies shareholders look for green shoots

roymorgansocial Leave a comment

Original article by Sue Mitchell
The Australian Financial Review – Page: 21 : 26-Nov-15

Woolworths’ strategy to turn around the performance of its supermarkets division is likely to come under scrutiny at its AGM on 26 November 2015. Some shareholders do not expect any real improvement in the business for another 6-12 months, following Woolworths’ move to reduce grocery prices and ramp up investment in its supermarkets. The future of assets such as the Masters and Big W businesses are also likely to be a key focus for investors.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, BIG W DISCOUNT STORES, LUMINIS PARTNERS PTY LTD, DICK SMITH HOLDINGS LIMITED – ASX DSH, ANCHORAGE CAPITAL PARTNERS PTY LTD, BEST AND LESS PTY LTD, NBN CO LIMITED

Gerry Harvey faces possible strike and spill

roymorgansocial Leave a comment

Original article by Sue Mitchell
The Australian Financial Review – Page: 9 : 24-Nov-15

The "two strikes" rule could be invoked at the 2015 annual meeting of retailer Harvey Norman, after more than 25 per cent of shareholders voted against its remuneration report in 2014. Executive chairman Gerry Harvey argues that the group’s executives are paid less than the bulk of companies that are of a comparable size. Harvey and the family of late co-founder Ian Norman have sufficient voting power to thwart a board spill if they choose to do so. Harvey traditionally does not vote on the remuneration report.

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

Investor challenges BHP: cut dividend

roymorgansocial Leave a comment

Original article by Sally Patten
The Australian Financial Review – Page: 24 : 19-Nov-15

BHP Billiton’s progressive dividend policy is likely to come under scrutiny at its 2015 annual meeting in Perth. Some fund managers do not expect BHP to back down on its policy despite growing pressure to do so, but Anton Tagliaferro of Investors Mutual says it was introduced during the resources boom and the downturn in commodities markets means it is no longer appropriate.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, INVESTORS MUTUAL LIMITED, HAMILTON WEALTH MANAGEMENT PTY LTD, ALPHINITY INVESTMENT MANAGEMENT PTY LTD, ARNHEM INVESTMENT MANAGEMENT PTY LTD

Twiggy predicts iron ore prices will fall further

roymorgansocial Leave a comment

Original article by Julie-anne Sprague
The Australian Financial Review – Page: 21 & 28 : 12-Nov-15

The iron ore price is currently trading at around $US48 per tonne, and Fortescue Metals Group chairman Andrew Forrest has forecast that it could remain below $US50 in the near-term. He has again criticised BHP Billiton and Rio Tinto for ramping up iron ore production during a period of price weakness. Meanwhile, 19.3 per cent of shareholders at Fortescue’s 2015 AGM voted against its remuneration report.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, VALE SA, CITIGROUP INCORPORATED

Hartigan denies friction with Seven

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 31 : 11-Nov-15

Prime Media Group’s 11.4 per cent stakeholder Seven Group Holdings voted against the regional broadcaster’s remuneration report at its 2015 AGM. The "two strikes" rule will apply at the 2016 AGM after more than 34 per cent of Prime’s shareholders rejected the report. Meanwhile, Prime CEO Ian Audsley said the group could be acquired or seek to buy assets itself if there are changes to cross-media ownership laws. He added that Prime may be interested in buying radio assets but is unlikely to expand into regional print newspapers.

CORPORATES
PRIME MEDIA GROUP LIMITED – ASX PRT, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN LABOR PARTY, TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOX SPORTS AUSTRALIA PTY LTD, V8 SUPERCARS AUSTRALIA PTY LTD, AUSTRALIAN FOOTBALL LEAGUE

New Fairfax chairman Falloon calls for media modernisation

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 16 : 6-Nov-15

Shareholders at the AGM of Fairfax Media have been told that its revenue from continuing businesses has risen by 2-3 per cent so far in 2015-16. Meanwhile, chairman Nick Falloon said changes to cross-media ownership laws are necessary as the "reach rule" and the " two-out-of-three rule" have become irrelevant and provide the Australian media industry’s offshore rivals with an advantage in the domestic market. Australian Competition & Consumer Commission chairman Rod Sims also favours scrapping the reach rule.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, METRO MEDIA PUBLISHING PTY LTD, RBB ECONOMICS LLP

Shining Star’s locals make up for slump in high-roller gamblers

roymorgansocial Leave a comment

Original article by Jessica Gardner
The Australian Financial Review – Page: 19 : 5-Nov-15

Echo Entertainment Group’s shareholders approved a resolution to change its name to The Star Entertainment Group at the 2015 AGM. The listed casino operator also revealed that its domestic revenue was 8.7 per cent higher than previously in the first four months of 2015-16, although revenue from high-rollers fell by 33.8 per cent. Meanwhile, the group intends to rebadge its Queensland casinos as The Star, a brand that it currently uses in Sydney.

CORPORATES
ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, THE STAR, CROWN RESORTS LIMITED – ASX CWN, MELCO CROWN ENTERTAINMENT LIMITED, STANDARD AND POOR’S ASX 200 INDEX

Stockland: housing strength to continue

roymorgansocial Leave a comment

Original article by Robert Harley
The Australian Financial Review – Page: 40 : 28-Oct-15

Some 97 per cent of votes cast at Stockland’s 2015 AGM were in favour of the property developer’s remuneration report. Chairman Graham Bradley told shareholders that Stockland will now require directors to hold 40,000 of the group’s securities, up from 10,000 previously. He also forecast that Australia’s housing market will remain strong, citing factors such as an undersupply, low interest rates and population growth.

CORPORATES
STOCKLAND – ASX SGP, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION