HVN 0.68% $2.97 harvey norman holdings limited

News: HVN Australia's Harvey Norman pay plan rejected, but board survives

  1. 93,418 Posts.
    lightbulb Created with Sketch. 881

    MELBOURNE, Nov 27 (Reuters) - Shareholders voted against the executive pay plan for Australia's biggest electronics retailer, Harvey Norman Holdings Ltd (HVN) , for a second year running on Wednesday, however they did not back a push to dump the board.

    About 48% of the votes cast at the group's annual meeting were against the remuneration plan proposed for Chief Executive Katie Page and other executive directors, according to the count in a company statement.

    Page's husband, Gerry Harvey, is the founder and chairman of the company.

    Under Australian corporate rules, if more than a quarter of shareholders vote against a pay proposal two years in a row, another vote is instantly held to call a meeting to replace the board.

    While rejecting the pay plan, Harvey Norman investors overwhelmingly opposed the call for a meeting to replace the board.

    The outcome defied recommendations from the Australian Shareholders Association, the Australian Council of Superannuation Investors and proxy adviser Ownership Matters calling for a vote to appoint independent directors.

    Harvey Norman shares fell 1.2% in a broader market (xjo) that rose 0.9 percent.

 
watchlist Created with Sketch. Add HVN (ASX) to my watchlist
(20min delay)
Last
$2.97
Change
0.020(0.68%)
Mkt cap ! $3.700B
Open High Low Value Volume
$3.00 $3.04 $2.90 $21.87M 7.408M

Buyers (Bids)

No. Vol. Price($)
8 60565 $2.94
 

Sellers (Offers)

Price($) Vol. No.
$2.97 13815 2
View Market Depth
Last trade - 16.10pm 01/04/2020 (20 minute delay) ?
(live)
Last
$2.92
  Change
0.020 ( 0.38 %)
Open High Low Volume
$3.01 $3.03 $2.90 1375468
Last updated 15.59pm 01/04/2020 (live) ?
HVN (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.