23/11/2011 - 12:20

Chalice cops strike one

23/11/2011 - 12:20


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Chalice Gold Mines has become the latest Western Australian company to receive a strike under new executive pay laws, with nearly 47 per cent of shareholders voting against the company's remuneration report at its annual general meeting.

Just over 44.5 million votes were cast against the report, while 53 per cent (51 million votes) of shareholders who voted on Chalice's remuneration were in support of it.

Around 30.8 million shareholder votes were recorded abstained. Chalice has a total of 124 million securities on offer.

Changes to Australian laws brought in this financial year dictate that if more than 25 per cent of shareholder votes are cast against a remuneration report for two consecutive years all company directors would face re-election.

Other prominent WA-based firms to have received a strike from shareholders include miner Heron Resources, car dealer network AHG, construction and contracting group Emeco and transportable housing firm Fleetwood Corporation.

At 12:15PM (WST) Chalice's stock was steady at 29 cents.


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