STOCKHOLDERS’ VOTING – AUSTRALIA

Industry funds to back Murray for AMP chair

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 13 & 18 : 23-Apr-19

It is understood that the Australian Council of Superannuation Investors will conditionally back the appointment of David Murray as AMP chairman at its AGM in May. Proxy advisers have recommended that Murray be appointed. However, there is some controversy about private comments supposedly made by Murray. He is understood to have said that if there is a big vote against his appointment as a result of the controversy regarding the sale of AMP’s life business, the other two directors who were on the board when the decision was made would resign.

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, CGI GLASS LEWIS PTY LTD, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, OWNERSHIP MATTERS PTY LTD

Murray in the crosshairs as battered AMP faces shareholder revolt

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Original article by Joyce Moullakis, Ben Butler
The Australian – Page: 15 & 18 : 23-Jan-19

AMP could face a board spill at its 2019 annual meeting under the ‘two strikes’ regime, after more than 61 per cent of votes cast at the 2018 meeting rejected its remuneration report. The election of chairman David Murray is also uncertain, with at least two institutional investors said to be planning to vote against the resolution. They include Hamish Carlisle of Merlon Capital Partners, who opposes the election of Murray and non-executive director John O’Sullivan.

CORPORATES
AMP LIMITED – ASX AMP, MERLON CAPITAL PARTNERS PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, RESOLUTION LIFE GROUP LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CREDIT SUISSE (AUSTRALIA) LIMITED, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, ABERDEEN ASSET MANAGEMENT LIMITED, IOOF HOLDINGS LIMITED – ASX IFL, AUSTRALIAN ETHICAL INVESTMENT LIMITED – ASX AEF, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, FEDERAL COURT OF AUSTRALIA

Rethink company strikes: Maxsted

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Original article by Eli Greenblat
The Australian – Page: 15 & 16 : 4-Jan-19

The remuneration reports of three major banks attracted large protest votes at AGMs in December, putting them at risk of a board spill in 2019. Westpac chairman Lindsay Maxsted says the threshold for a ‘first strike’ is too low at 25 per cent, arguing that most resolutions put to annual meetings require a minimum vote of 50 per cent. Some 88 per cent of National Australia Bank shareholders voted against its remuneration report, while Westpac’s attracted a ‘no’ vote of 64.2 per cent.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

Super boss says NAB vote puts all boards to the test

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Original article by Richard Gluyas
The Australian – Page: 15 & 19 : 21-Dec-18

AustralianSuper CEO Ian Silk says the resounding rejection of National Australia Bank’s remuneration report shows that shareholders expect executives to be subject to long-term performance targets. NAB, Westpac and ANZ incurred large protest votes under the "two strikes" regime at their 2018 AGMs, prompting them to commit to reviewing their remuneration schemes. NAB chairman Ken Henry has acknowledged that the bank’s single variable pay structure is problematic and may need to be revised.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIANSUPER PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, OWNERSHIP MATTERS PTY LTD

NAB reels from exec pay revolt

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Original article by Richard Gluyas
The Australian – Page: 13 & 16 : 20-Dec-18

National Australia Bank’s remuneration report was rejected by a record 88.4 per cent of shareholders at its AGM on 19 December, while 64.1 per cent also opposed a reward shares package for CEO Andrew Thorburn. Chairman Ken Henry told shareholders that NAB will review its remuneration scheme and expressed confidence that Thorburn will remain at the helm to oversee the final two years of the bank’s restructuring program. ANZ Bank also face a board spill in 2019 after 33.8 per cent of shareholders voted against its remuneration report.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, HUMAN GROUP

NAB faces even bigger remuneration strike

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Original article by James Thomson
The Australian Financial Review – Page: 31 : 14-Dec-18

Investors who account for more than 213 million shares in Westpac abstained from voting on the bank’s remuneration report at its 2018 AGM. Had these shares been voted, the proportion of votes cast that rejected the report could have been much higher than the 63 per cent that was recorded. Meanwhile, there is speculation that the "no" vote at National Australia Bank’s AGM could be at least 70 per cent. Key issues for shareholders are likely to be the bonus received by former executive Andrew Hagger and NAB’s decision to move chairman Ken Henry to a single variable pay structure.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, TELSTRA CORPORATION LIMITED – ASX TLS

Westpac first to feel wrath of investors

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Original article by Joyce Moullakis, Paul Gardiner
The Australian – Page: 17 & 21 : 13-Dec-18

Westpac’s remuneration report was rejected by 64.2 per cent of shareholders at its AGM on 12 December, the largest "no" vote against a top-20 stock since the "two-strikes" rule was introduced in 2011. Westpac chairman Lindsay Maxsted has acknowledged investors’ angst and says the bank will consider the issues raised at the AGM. Argo Investments CEO Jason Beddow also expects National Australia Bank and the ANZ Bank to experience a big protest vote at their upcoming AGMs, although he adds that it is uncertain whether this will lead to a significant change in remuneration policies.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, ARGO INVESTMENTS LIMITED – ASX ARG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AMP LIMITED – ASX AMP, TELSTRA CORPORATION LIMITED – ASX TLS

Bank pay backlash to hit pair

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Original article by Patrick Durkin
The Australian Financial Review – Page: 14 & 16 : 4-Dec-18

The Australian Shareholders’ Association has urged investors to vote against the re-election of Craig Dunn as a director of Westpac at its upcoming AGM, as has proxy adviser CGI Glass Lewis. Both have concerns about his role as the former CEO of AMP and his chairmanship of Westpac’s remuneration committee. CGI has also recommended that Paula Dwyer not be re-elected as a director of the ANZ Bank at its AGM, while fellow proxy firm ISS also has concerns about Dwyer’s re-election. Australia’s AGM season has been quite turbulent so far, with a number of directors recording a significant percentage of votes against their re-election.

CORPORATES
AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, CGI GLASS LEWIS PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, APA GROUP – ASX APA, COMPUTERSHARE LIMITED – ASX CPU, JAPARA HEALTHCARE LIMITED – ASX JHC, MYER HOLDINGS LIMITED – ASX MYR, AMP LIMITED – ASX AMP, RAMSAY HEALTH CARE LIMITED – ASX RHC, TABCORP HOLDINGS LIMITED – ASX TAH, HEALTHSCOPE LIMITED – ASX HSO, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

‘Totally frigging mad’: Harvey lashes critics

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 & 18 : 28-Nov-18

Furniture and consumer electronics retailer Harvey Norman incurred a "first strike" against its remuneration report at its AGM on 27 November. It will face a board spill in 2019 if a sufficient number of shareholders vote down the remuneration report again. Chairman Garry Harvey was not very happy about those who have criticised it over various issues, including the independence of its directors and loans to franchisees. Commenting on its share price, which has by fallen 22 per cent in 2018, Harvey said it presents a good opportunity for Harvey Norman to be privatised.

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, DEUTSCHE BANK AG, UBS HOLDINGS PTY LTD

Antony Catalano in dramatic bid to scupper Nine, Fairfax merger

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Original article by John McDuling, Jennifer Duke
The Sydney Morning Herald – Page: Online : 19-Nov-18

Domain’s former CEO Antony Catalano has asked Fairfax Media chairman Nick Falloon to adjoin the 19 November shareholders’ vote on the proposed merger with Nine Entertainment Company. The scrip component of Nine’s offer is 0.3627 per share; Catalano says this means it is a "terrible deal" given that Fairfax is trading at $0.61 per share, compared with $0.94 when the deal was announced. Catalano has also told Falloon that he may seek to buy up to 19.9 per cent of Fairfax shares at above market prices in order to block the deal. He holds stakes of about one per cent in both Fairfax and Domain.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, THORNEY INVESTMENT GROUP AUSTRALIA PTY LTD