Shareholders Association at AGM
I received the comments and intentions for proxies at the AGM from the SA.
They are complementary and supportive of re-election of Cliff Cook and David Mair and supportive of Julia Hoare as an Independent Director.
SA supports changing the constitution to allow Directors to be increased from 7 to 8 to "recruit appropriate skills as the company grows internationally".
The company propose to increase the non-executive directors fees from $ 34,000 to $ 50,000 and the Chairman from $ 71,000 to $ 100,000. Total pool of director's fees to increase from $ 250,000 to $ 600,000 (+140%).
The SA says the directors have kept the fees down while the company was in this early stages, until 2011 and agree it is fair to increase fees again this year. But they think the proposed increases are hefty and are recommending $ 50,000 and $ 90,000 respectively.
SA intends to vote in favour of the agreement with Pactum in Australia.
I think the SA is fair in its assessment and will be giving them my proxy as I am unable to attend in person.