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Tuesday, 10 August 2010
Marshall Edwards oppoints oncologist Christine White to its Board
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ASX Releases
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Review of the Remuneration Report
Prior to the vote being taken at its Annual General Meeting the Chairman of Novogen Limited announced that a review would be undertaken to ascertain the reasons why those who had voted by proxy against the non binding resolution to adopt the Remuneration Report had done so.
From this information it would be possible for the Remuneration Committee of the Company to consider any reasonable changes to the Report on an ongoing basis.
The result of the investigation todate which included a letter to all shareholders seeking feedback is as follows:
• the stock holder representing about 98 percent of the proxy vote against the resolution advised the Company that the vote was made in error by its third party independent proxy voting agent. The stock holder’s intention was to vote for the resolution, and has apologised to the Company for the confusion caused; and
• there have been no comments received from any shareholders represented by the approximately 2% of the residual proxy votes recorded against the Resolution to adopt the Remuneration Report.
The Company received six other replies from shareholders who voted yes or abstained or did not vote and whose comments were considered. The Remuneration Committee has reviewed and reconsidered the Report and considers that the Report remains appropriate for the Company. This is particularly so given that the executive and non-executive director remuneration, which has been assessed by reference to relevant employment market conditions necessary to retain a high quality management team, is around the average for similar sized companies, and contains no additional payments or unusual benefits.
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