Thursday, 21 April 2011

Damn those 'reduce notice for calling meeting' resolutions

Clearly some people are very, very annoyed by them. Even at BP twice as many votes were cast against the resolution seeking to reduce notice for calling meetings than against the annual report. Votes against the same type of resolutions were also the largest oppose votes at Smith & Nephew and Drax (in boths cases around 8%). I can understand that some investors might feel these resolutions potentially reduce their ability to participate meaningfully, but it seems like an odd issue to take an unbending line on.

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