Guerdon Associates


	GuerdonNews® Special Edition	19 August 2012

Dear [FIRSTNAME],

Welcome to this special news alert from GuerdonNews®

Parliament passes legislation to allow AGM chair to vote undirected proxies on the remuneration report resolution

On Monday 18 June 2012, Federal Parliament passed amendments to the Corporations Act to clarify that the chair of an AGM will be able to exercise undirected proxies for the non-binding remuneration report vote.

This will be allowed where a shareholder expressly authorises the chair to exercise the proxy even if the resolution is directly or indirectly connected with the remuneration of a member of key management personnel.

This should be welcome relief to the 115 companies (at last count) that received a "1st strike" on their remuneration reports, and those otherwise contemplating a strike this AGM season. Of arguably more significance is the fact that the amendment will restore the right of shareholders to allow their proxies to exercise votes on their behalf.

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The information, analysis and opinion in this e-mail and attachments are intended to be for informational purposes only. Analyses are based on information taken from public documents or private surveys, and we do not represent to its accuracy. Guerdon Associates assumes no liability for the use or interpretation of information contained herein. This publication is provided 'as is' without warranty of any kind, either expressed or implied, including, but not limited to, the implied warranties of marketability, fitness for a particular purpose, or non-infringement of third party rights.

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ISSN 1834-8300

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