BRN 1.64% 6.2¢ brainchip holdings ltd

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    When a ‘second strike’ occurs, the shareholders will vote at the same AGM to determine whether all the directors will need to stand for re-election. If this ‘spill’ resolution passes with 50 per cent or more of eligible votes cast, then a ‘spill meeting’ will take place within 90 days,at the spill meeting, those individuals who were directors when the directors’ report was considered at the most recent AGM will be required to stand for re-election (other than the managing director :/ who is permitted to continue to run the company).IDEA BEHIND THE LAW "second strike" is intended to provide an additional level of accountability for directors and increased transparency for shareholders. Where a company receives significant ‘no’ votes on its remuneration report over two consecutive years, and has not adequately addressed concerns raised by shareholders, it is appropriate for the board to be held accountable through a re-election process.
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