Australia and New Zealand Banking Group Limited (ASX: ANZ)
December 17, 2015 Annual Meeting
At ANZ’s 2015 annual meeting, Australasian Centre for Corporate Responsibility (ACCR) sought to amend ANZ’s constitution to allow shareholders to submit non-binding proposals at company shareholder meetings as a special resolution. To submit a shareholder proposal in Australia, shareholders must own either 5% of voting shares or the proposal must be submitted by a group of 100 shareholders entitled to vote. Although shareholders may submit ordinary resolutions, companies are only required to put forward binding (or special) resolutions and are allowed to exclude precatory (non-binding or ordinary) resolutions if it is determined that they request the board act in a certain manner.
Glass Lewis hosted Proxy Talk conference calls with representatives from ACCR and ANZ on December 2 and December 7, 2015, respectively (reviews can be found here and here). A total of 10% of votes cast were in favor of the resolution, and as such, the resolution failed to pass.