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June 20, 2012

Proxy voting clarified

The Corporations Amendment (Proxy Voting) Bill 2012 has been passed by both Houses of Parliament.

UPDATE 3 July: The Act recived Royal Assent on 27 June.

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The Bill deals with AGM undirected proxy voting on remuneration reports by the chair.

The amendment clarifies that the chair of an AGM will be able to exercise undirected proxies for the non-binding remuneration vote, where a shareholder provides their express authorisation to the chair to exercise the proxy even if the resolution is connected directly or indirectly with the remuneration of a member of the key management personnel for the company or, if the company is part of a consolidated entity, for the entity.

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Posted 20th June 2012 by David Jacobson in Corporations Act