Business
‘You butchered the share price’: IOOF rocked by protest votes – The Australian Financial Review
Some shareholders are angry at the price IOOF paid to buy MLC from NAB and the way in which management raised the funds.
Nearly 17 per cent of proxy voters were cast against the re-election of John Selak, chairman of the IOOF remuneration committee to the board.
Further, former MinterEllison lawyer Elizabeth Flynn faces a tough fight for her re-election bid, with 24.8 per cent of proxies against her.
At least three-quarters of total votes cast are required to be in favour for a resolution to pass.
The remuneration report often a target for disillusioned investors saw 19.5 per cent of the proxies cast against it.
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