The dark side of proxy voting

Nathan Tinkler's attempt to unseat the Whitehaven board is a reminder of deep flaws in Australian institutional proxy voting. Outdated systems must be reformed to protect shareholder democracy.

The vote count at Whitehaven's AGM today has the potential to be a white knuckle ride, if Nathan Tinkler can leverage his 19.4 per cent stake, and that of proxy voters to remove Chairman Mark Vaile and four directors.

When it comes to such crucial decisions, every vote counts. But in Australia, the systems in place to process shareholder votes leave much to be desired.


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