CLP voting recommendations
6 May 2003
Company: | CLP Holdings Limited (CLP) |
Stock code: | 0002 |
Date of meeting: | 22-Apr-04 |
Time of meeting: | 11:00 |
Advice date: | 08-Apr-04 |
Noticeof Meeting: | Click here |
Proxy form: | Click here |
Voting method: | The Chairman will require a poll, all proxies will be counted |
Note to journalists:
We have up to 4 proxy seats available inside this AGM. Please contact
us if you want one.
Item | Description | Vote |
1 | Adopt the accounts | FOR |
2.a | Declare a final dividend of $0.65 per share | FOR |
2.b | Declare a special final dividend of $0.10 per share | FOR |
3.a | Re-elect Veron Francis Moore (INED) | FOR |
3.b | Re-elect Rudolf Bischof (NED) | FOR |
3.c | Re-elect Hansen Loh Chung Hon (INED) | FOR |
3.d | Re-elect William Elkin Mocatta (NED) | FOR |
3.e | Elect Lee Yui Bor (ED) | FOR |
4 | Re-appoint PriceWaterhouseCoopers | FOR |
5 | Amend the Articles of Association | FOR |
6 | Approve the retirement by rotation of executive directors | FOR |
7 | Re-elect Peter Tse Pak Wing as executive director | FOR |
8(a) | Revise the remuneration of the Chairman, Vice Chairman and other non-executive directors from 1-Jul-04 | FOR |
8(b) | Provide additional remuneration to those NEDs who serve on committees, effective 1-Jul-04 | FOR |
9 | Mandate the directors to issue additional shares | AGAINST |
10 | Mandate the directors to repurchase shares | FOR |
11 | Mandate the directors to issue repurchased shares | AGAINST |
Reasons AGAINST
Items 9 and 11
Webb-site.com urges all investors to vote against the general issue mandate for all listed companies, for the reasons explained in Project Vampire, unless they comply with the recommendations set out in that article. The board is asking you to waive your rights to participate in future cash share issues, and to allow placees to benefit from the discount on new shares at your expense.
We note that the general mandate sought by CLP is limited to 10% of issued shares, rather than the 20% common in Hong Kong, but this still falls short of the 5% standard set by international best practice (in the UK), and no maximum discount for the issue price has been set, unlike the 5% maximum in the UK.
So far this year within the 33-member Hang Seng Index, Hang Seng Bank Ltd (0011) has joined Johnson Electric Holdings Ltd (0179) and HSBC Holdings plc (0005) in cutting its cash issue mandate to 5%, as recommended by Project Vampire. We hope CLP will catch up with this evolving standard next year.
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