STOCKHOLDERS’ VOTING – AUSTRALIA

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

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

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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

NAB shareholders back Clydesdale spin-off

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Original article by Sally Rose, Clancy Yeates
The Australian Financial Review – Page: 15 & 18 : 28-Jan-16

National Australia Bank (NAB) will proceed with plans to demerge its Clydesdale Bank subsidiary in the UK, after 98 per cent of shareholders voted in favour of the deal. NAB shareholders will receive 75 per cent of Clydesdale’s shares, with the balance to be offered to institutional investors. However, the latter component of the transaction may be delayed if NAB fails to obtain a satisfactory price for the stock. NAB chairman Ken Henry says the bank’s dividend will not be affected by the sale of Clydesdale.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, CLSA AUSTRALIA PTY LTD, STANDARD AND POOR’S ASX 200 INDEX

Gerry Harvey faces possible strike and spill

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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

Hartigan denies friction with Seven

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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

Stockland: housing strength to continue

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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

iiNet founder Malone yields to TPG Telecom

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Original article by Tess Ingram, David Ramli
The Australian Financial Review – Page: 13 & 18 : 28-Jul-15

Some 95 per cent of votes cast at a meeting of iiNet shareholders on 27 July 2015 were in favour of TPG Telecom’s $A1.56bn takeover bid. Michael Malone says the suitor is paying a good price for the ISP he founded in 1993. Malone had rejected TPG’s first cash-only bid, and says iiNet directors had done well to gain a better deal for shareholders. The takeover will make TPG the second-largest broadband provider in Australia, with about 1.7 million customers.

CORPORATES
IINET LIMITED – ASX IIN, TPG TELECOM LIMITED – ASX TPM, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, M2 GROUP LIMITED – ASX MTU, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, MERLON CAPITAL PARTNERS PTY LTD, DEUTSCHE BANK AG

Amcom, Vocus beat TPG to win merger vote

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Original article by David Ramli
The Australian Financial Review – Page: 8 : 16-Jun-15

TPG Telecom’s ploy to block a merger between Amcom Telecommunications and Vocus Communications by building a 19.9 per cent stake in the former has failed. The $A1.2bn deal was endorsed by Amcom shareholders on 15 June 2015, with more than 90 per cent of proxy votes backing the deal. Vocus CEO James Spenceley notes that more than 97 per cent of shareholders turned out to vote on the merger. TPG will emerge with a stake of about nine per cent in the merged entity.

CORPORATES
TPG TELECOM LIMITED – ASX TPM, AMCOM TELECOMMUNICATIONS LIMITED – ASX AMM, VOCUS COMMUNICATIONS LIMITED – ASX VOC, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD

Refinancing allows Boart boss to focus on long term

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Original article by Paul Garvey
The Australian – Page: 18 : 8-Dec-14

Investors in Australian-listed mining services group Boart Longyear are set to vote on a refinancing deal worth as much as $US342m ($A410m) with US-based private equity firm Centerbridge in mid-December 2014. It will come as a relief to CEO Richard O’Brien, who has had to face a series of crises since being appointed on 1 April 2013. He still believes that a turnaround in the resources sector may not occur until possibly 2016, and urges shareholders to support the package deemed "not fair but reasonable" by consultant KPMG

CORPORATES
BOART LONGYEAR LIMITED – ASX BLY, CENTERBRIDGE PARTNERS LP, KPMG AUSTRALIA PTY LTD, CGI GLASS LEWIS PTY LTD, ISS PROXY AUSTRALIA

Cabcharge lashes ‘illegal’ Uber

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Original article by Andrew Main
The Australian – Page: 22 : 27-Nov-14

Stockholders at the 26 November 2014 AGM of taxi fare payment services group Cabcharge rejected the remuneration report with a "no" vote of 57%. However the option to dismiss the entire board of directors, as this was the fourth year in succession for more than 25% to be opposed, was only backed by 2.1%. Meanwhile chair Russell Balding used his address to strongly criticise the Uber smartphone app business, especially its UberX service. He argued the arrangement under which private vehicle owners car share in exchange for payment was illegal

CORPORATES
CABCHARGE AUSTRALIA LIMITED – ASX CAB, UBER TECHNOLOGIES INCORPORATED, SYDNEY AIRPORT – ASX SYD, AUSTRALIAN BROADCASTING CORPORATION, LAZARD PTY LTD, ABERDEEN ASSET MANAGEMENT LIMITED, TRANSPORT FOR NSW