Push to overhaul AGM role and format
Whether it was Fairfax Media chairman Roger Corbett’s dramatic $32,000 pay cut at the annual meeting, the protester crash-tackled at the Commonwealth Bank of Australia’s gathering or Solomon Lew, Gina Rinehart and Nathan Tinkler’s hefty protest votes, shareholder meetings stepped up a notch in the drama department this year.
Whether it was Fairfax Media chairman Roger Corbett ’s dramatic $32,000 pay cut at the annual meeting, the protester crash-tackled at the Commonwealth Bank of Australia’s gathering or Solomon Lew , Gina Rinehart and Nathan Tinkler ’s hefty protest votes, shareholder meetings stepped up a notch in the drama department during 2012.
The federal government’s controversial two-strikes rule on pay cast a giant shadow over the AGM season, putting the spotlight on remuneration and giving unhappy investors leverage to shake up company boards.
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