Business
IOOF put on notice to prove merit of MLC takeover – Sydney Morning Herald
The ASX-listed money manager has received a hefty protest vote over executive pay at its AGM from shareholders sceptical about the deal.
IOOF chairman Allan Griffiths said the message, delivered by the shareholders, had hit its mark, adding that the decision to buy MLC had been made after careful consideration and informed by independent financial and legal advice.
“The remuneration report is often used as a tool to send a message,” he said. “We hear what people say and it will now be up to us to deliver over the next few years, extract the synergies and deliver to our shareholders.”
Atlas Funds Management managing director Hugh…
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