NAB’s board proved out of touch with 90% of its shareholders. But why didn’t the Commonwealth Bank’s shareholders react the same?
Never has a single industry seen such a stunning repudiation of its activities by shareholders as banking has seen in the past week.
Up to yesterday, Westpac’s 64.16% vote against its remuneration report last week was the largest “no” vote against any company’s remuneration report since the 66% vote against that of the Sol Trujillo-era Telstra in 2007 — including the large holding of the Future Fund in Telstra. ANZ had taken a smaller, but still “first strike” vote of 34% against its remuneration report. Then NAB blew away all previous records with an 88.1% vote against its report during a lengthy and angry annual meeting.