Monday, 5 August 2013

Audit fees get controversial

A little snippet, last Thursday Pennon Group had its AGM. It stuck out an RNS statement on the results at lunchtime on the Friday. Check out the votes on resolution 12, there was a vote against the resolution on auditor's fees of about 44%. Including abstentions the vote in favour was just under 51%. Don't think I've seen a vote that big on one of those resolutions before & not entirely sure what happens if a company loses the vote - maybe convene another meeting to seek authority again?  

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