Making the board accountable
Busdriver07
"Well change the Board!"
>>>>>>>
Busdriver is on to something here. It's perhaps the only way to go on the offensive instead of waiting for the grand plan of Clifford/Joyce to play out.
Let's take the fight to save Qantas to them.
How to get rid of the board and stop Joyce getting a payout in 3 easy steps.
Step 1.
All that is needed are are a mere 100 shareholders.
Under the corporations act, these 100 shareholders can then request that the directors call and arrange to hold a general meeting.
The company must pay the expenses of calling and holding the meeting.
The Directors must call the meeting within 21 days after the request is given to the company and the meeting must be held within 2 months after the request is given.
Step 2.
The premise of the meeting would be called to vote on the remuneration package of both the board and very specifically the CEOs pay.
But more importantly at this juncture put a stop to any package he might be offered on the way out the door.
Step 3.
Another 100 different shareholders would call for another meeting subsequent to the first.
The law is very clear that if a board faces two consecutive meetings where over 25% of shareholders vote against the directors’ remuneration package, the directors have to stand for election again in 90 days.
A petition on Change.org or Getup would easily secure 100 shareholders. (Especially after Alan has pissed off so many people in so many ways).
This, more than any other action would put the board on notice that their individual positions, associated benefits and their reputations are all seriously at risk.
Who seriously, be they mum and dad investors, or even the long silent institutional funds are going to simply rubber stamp Clifford's 600k and Joyce retaining the title of the worlds highest paid airline CEO.
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The law:
The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 introduced in the Corporations Act 2001 new sections 250R(2), 250U-V, so that if at two consecutive meetings over 25% of shareholders vote against the directors’ remuneration package, the directors have to stand for election again in 90 days.
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There are two ways in which a member can requisition a meeting under the Corporations Act:
ū Under s. 249D, members with at least 5% of the votes that may be cast at the general meeting, or at
least 100 members who are entitled to vote at the general meeting, may request that the Directors of a company call and arrange to hold a general meeting. The company must pay the expenses of calling and holding the meeting. The Directors must call the meeting within 21 days after the request is given to the company and the meeting must be held within 2 months after the request is given.
ū Under s. 249F, members with at least 5% of the votes that may be cast at a general meeting of the company may call, and arrange to hold, a general meeting. The members calling the meeting must pay the expenses of calling and holding the meeting and the meeting must be called in the same way, so far as is possible, in which general meetings of the company may be called.