Software company founder declares war on âtoxicâ proxy firms
Apr 18, 2021 â 11.00pm
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TechnologyOne founder and chairman Adrian Di Marco has declared war on influential proxy firms that advise shareholders on how to vote, warning they are an unelected and unaccountable scourge on corporate Australia and that US-style rules are required.
The software company suffered close to a 40 per cent âstrikeâ at its annual meeting in February after a $210,000 executive bonus plan triggered a shareholder revolt over the boardâs use of a discretion.
TechnologyOneâs Adrian Di Marco says proxy firms are an unaccountable scourge.Â
Tertius Pickard
Mr Di Marco said boards should be entitled to use their discretion to grow a business but proxy advisers had âweaponisedâ executive pay to demand a âcookie-cutterâ approach to an overly complicated area.