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Software company founder declares war on ‘toxic’ proxy firms Apr 18, 2021 – 11.00pm Save Share 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 “strike” at its annual meeting in February after a $210,000 executive bonus plan triggered a shareholder revolt over the board’s use of a discretion. TechnologyOne’s Adrian Di Marco says proxy firms are an unaccountable scourge.  Tertius Pickard Mr Di Marco said boards should be entitled to use their discretion to grow a business but proxy advisers had “weaponised” executive pay to demand a “cookie-cutter” approach to an overly complicated area.

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