Quote Originally Posted by moka View Post
At the AGM 52.57% of shareholders voted against Adoption of Remuneration Report.
· Remuneration Report did not pass and company receives first strike

The two-strike rule. This rule gives shareholders the power to spill the board if they are not happy with the remuneration report. That is, ELIGIBLE shareholders have the power to ‘fire’ or relieve directors of their board positions.

https://cdn-api.markitdigital.com/ap...df02a206a39ff4
BrainChip – Results of Annual General Meeting held on 23 May 2023

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02668759-2A1450729?access_token=83ff96335c2d45a094df02a206a 39ff4

BrainChip Responds to AGM Remuneration Report Resolution Results
• Remuneration Report did not pass and company receives first strike

https://www.youtube.com/watch?v=KLdT9VqYQxQ
CPA Two-Strike Rule - The Australian Corporations Act was amended in 2011 to give shareholders some power over executive remuneration. This is done in terms of the two-strike rule. This rule gives shareholders the power to spill the board if they are not happy with the remuneration report. That is, ELIGIBLE shareholders have the power to ‘fire’ or relieve directors of their board positions.

https://www.asx.com.au/documents/res...wo-strikes.pdf
Last AGM shareholders voted against Adoption of Remuneration Report and company received the first strike.
This AGM the Adoption of Remuneration Report was Carried so there was no second strike.

Voted for 281,798,976 66.59%
Voted against 141,383,726 33.41%
Abstained 87,536,752
Proxies for 233,633,912 Proxies against 140,962,730 Proxies abstained 83,207,536