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I agree with you L3Trader and, perhaps I expressed my view badly when I said: ' ....either they [opposing votes] are valid or not - either way it points to tensions that are not conducive to smooth running. ' The fact that there were around 40% opposing votes suggests that 'all is not well' which, in itself, is disappointing. And, yes, I agree that dissatisfied shareholders should stand up and be counted if they have good reason.
Yes, it is important to stand up to undeserved remuneration. It is up to each person to decide what that means. I believe in Genel's case it was clear a lot of shareholders would be against the company’s pay policy. there were also sizeable protests against its remuneration report for 2020, plus 2021 share and bonus plans. They did the right thing.
Boyobach, IMHO it was very good to see opposing votes near 40% for some of the proposals.
Genel are mentioned in an article in the FT about corporate pay packages and share holders voting against over generous awards. FT: may 6th. "Rio Tinto has suffered a major revolt by shareholders over the exit package handed to former chief executive Jean-Sébastien Jacques, one of several investor rebellions over pay on a bruising day for UK-listed companies.
More than 60 per cent of the votes cast at Rio’s annual meetings in London and Sydney were against its remuneration report, making it the most significant rebellion this year against a UK-listed company on pay.
Jacques and two of his senior lieutenants resigned in September following an outcry over the blasts at the 46,000-year-old Juukan Gorge site in Western Australia to make way for a mine expansion.
Although Jacques was stripped of bonuses worth an estimated £2.7m, his total pay last year climbed 20 per cent to £7.2m. In addition he was allowed to keep shares awarded under a long-term incentive programme worth more than £27m.
The resolutions put before shareholders, however, are advisory and not binding, although in Australia if a remuneration report draws more than 25 per cent opposition for two years, the board in question has to put itself up for re-election.
The revolt is a blow for Rio’s outgoing chair Simon Thompson and its new chief executive, who have been trying to repair relations with shareholders, damaged by the events at Juukan Gorge almost a year ago.
Although Rio’s was the largest, it was just one of several UK companies to suffer shareholder rebellions.
At drugmaker Indivior, more than 38 per cent of shareholders voted against the company’s pay report, after it maintained bonuses for its former chief executive, despite being jailed for his role in the US opioid crisis. A fifth of shareholders additionally voted against the re-election of Daniel Phelan, chair of the remuneration committee.
Almost a quarter of investors in BAE Systems, Britain’s largest defence contractor, voted against pay at the company over proposals to hand its chief executive an extra £2m to stay, after an attempt from a rival to poach him. About a fifth of shareholders at Vitec also failed to support the small-cap company’s pay report over concerns about payouts.
Shareholders in Genel Energy, the London-listed but Kurdistan-focused oil producer, also staged a protest. More than 42 per cent of votes were cast against the company’s pay policy and there were also sizeable protests against its remuneration report for 2020, plus 2021 share and bonus plans.
Martin Gudgeon, chair of the Genel’s remuneration committee quit ahead of the vote, while its chief financial officer Esa Ikaheimonen also resigned from the board of directors but will retain his CFO role.
The rebellions are the biggest sign yet shareholders are living up to their warnings that they would punish companies that failed to keep pay in check, particularly in light of the pandemic."
I am sure the Russians are up for KRG exports. Plans were well advanced before the ill-judged KRG independence referendum that caused chaos ; longer term holders will remember. The Russians have lent the KRG billions so they have an interest in the regions prosperity.
I agree it's disappointing to see opposing votes near 40% - not that I know the reasons. Either they are valid or not - either way it points to tensions that are not conducive to smooth running. I’m also presuming that '2018' is a typo in this bit of the AGM Results: ‘Genel confirms the payment of a final dividend of 10¢ per share in relation to the 2018 financial year.’
I think the spark will come when the KRG agrees acceptable terms to develop Bina Bawi which has 37 million barrels of oil and an absolutely huge 8.2 Tcf of gas.
This development has been in negotiation for a long time.
These remarks were published last year in an RNS dated 3.11.20;
" Bina Bawi (100% working interest and operator)
· Genel continues to seek a response from the KRG to our proposal submitted in August 2020, which would enable the Company to progress the next stage of activity at Bina Bawi
· Our proposal highlights the need to engage regional gas buyers on volume and price discovery and to improve project definition by undertaking the detailed front-end engineering of both the upstream and midstream processing facilities
· Until a satisfactory response is received, Genel will maintain capex discipline, and will only commence investment upon certainty of alignment with the KRG and a clear path to monetisation "
The gas volume is very impressive indeed.
There have been problems progressing the gas assets ; so much so that GENL wrote down the Miran asset. That area contains another extraordinary amount of gas; 6.6 Tcf . It also contains circa 93 million barrels oil and condensate.
It is interesting to note the resignations too. Everything operationally looks great. I speculate its some large holders getting impatient with the slow progress to develop the gigantic gas assets. I support the prudent approach to expenditure on Bina Bawi. I understand that GENL had submitted plans a very long time ago to the KRG who have not responded.
The results RNS had these lines; Bina Bawi and Miran (100% working interest, operator)
Bina Bawi and Miran are assets that have the potential to generate significant shareholder value, and efforts have continued to explore a commercial solution to allow the unlocking of the material resources.
Discussions with the KRG are ongoing at the highest levels, which would enable the Company to progress to the next stage of activity.
Genel continues to maintain capex discipline, and will only commence investment upon certainty of alignment with the KRG and a clear path to monetisation."
If we can monetize the gas assets which are truly massive it would put a rocket under the share price. I think the ball is in the KRG's court at the moment.
Interesting to see Bill Higgs did not get 60% of votes for his reelection. I am not sure what to make of it. This means that there is still tension in the background as to what to do and who decides how to play our hand.