Wednesday, 21 August 2013

Interesting AGM result

From last Friday, BATM Advanced Communications. This is from their RNS statement -
BATM Advanced Communications Limited (LSE: BVC; TASE: BATM), a leading provider of real-time technologies for the networked telecoms and medical laboratory equipment markets, announces that at the Annual General Meeting of the Group held earlier today, Resolutions 1, 3, 4, 5 and 8 were duly passed, and Resolutions 2, 6 and 7 were rejected.
Resolution 2 was their remuneration report, and resolution 7 was their remuneration policy vote. So I think this is the first company to lose both votes? They also got knocked back on resolution 6, which sought to make a one-off bonus payment to one of the directors who, I believe, had also received a "one-off" payment the year before.


Alan Brett said...

This is an Israeli company and actually the rem report vote was in line with UK practice, but the other two votes were under the new Israeli company law requirements which came into force this year. The latter two votes are non-binding but require a formal decision of the Board to overturn them. The third vote was essentially a transitionary provision, to cope with the difference between the new and old regimes.

Tom Powdrill said...

Thanks Alan - very helpful!