When 100 signatures triggered an AGM event

August 24, 2020

If 100 shareholders sign up, a company must put up a shareholder resolution or distribute up to 1000 words on an issue to all shareholders in an Australian public company under s249 of the Corporations Act. Here is a list of examples of the 100 signatures being successfully gathered over the past 20 years.

AGL, 2019: 3 resolutions. See notice of meeting. There was 6.57% support for the constitutional amendment, 32% support for the transition plan and 11% for the resolution related to the public health risks of coal. See voting results.

AGL, 2020: the ACCR has filed a shareholder resolution calling for AGL to close its coal-fired power stations earlier than currently planned. See media release.

ANZ, 2003: employee Joy Buckland had a s249p statement from her colleagues at the Finance Sector Union when she ran for the board in 2003.

BHP, 2017: 9% support for an ACCR resolution calling for BHP to review its public policy advocacy and industry association memberships. See results.

BHP, 2019: 29.58% support for an ACCR resolution calling for BHP to suspend its membership of industry associations campaigning against climate reform. See media release.

Coles Myer, 2002: ASA had a 249p statement in 2002 during the battles to eject Solomon Lew from the board.

Coles, 2019: ACCR, industry fund LUCRF, a US fund Mercy and a Catholic group from Columbia together fired a resolution around ethical sourcing of food which received 12.79% support including from the industry fund umbrella group IFM. See ACCR press release.

Commonwealth Bank, 2004:
Finance Sector Union resolution on restructuring in 2004 supported by 11.8% of shares voted despite s249p back up which was petitioned by 900 shareholders.

David Jones, 2002: ASA resolution in 2002 calling for the chairman Dick Warburton not to be re-elected with s249p statement.

Downer EDI: constitutional amendment resolution focused on its mining services business pushing for a policy to manage emission within a 2 degrees temperature increase framework. See notice of meeting. Supported by 3.3% of voted stock.

Foster's, 2004
: s249p statement from ASA in 2004 after botched disposal of ALH and general poor performance.

IAG, 2019: two Market Forces shareholder resolutions with 5.51% support for the constitutional amendment on opinion-based resolutions and 11.6% support for the contingent resolution on developing a plan to reduce fossil fuel exposures. See notice of meeting and voting results.

Lend Lease, 2001
: ASA 249p statement in 2001 complaining about poor performance.

National Australia Bank, 2004:
ASA resolution in 2004 calling for Geoff Tomlinson to be sacked with s249p statement delivered 39.7% support as shareholders vented their anger after the debacles such as Homeside and the foreign currency losses.

NAB, 2019:
3 resolutions in total. The Market Forces constitutional amendment for opinion based resolutions got 5.84%, its transition plan call got 12.9% and ACCR's opposition to climate lobbying received 15.07% support. See voting results.

Orica, 2001: ASA 249p in 2001 calling for board cull after years of under-performance until Malcolm Broomhead shook the place up.

Origin Energy, 2018:
ACCR filed 3 resolutions and received 46% for its anti-lobbying resolution and 11.83% support for stronger emissions targets. Also 7.73% support for resolution opposing NT fracking and promoting first nations people self-determination. See media release.

Origin Energy, 2019: a joint effort by ACCR and Market Forces comprising 6 different resolutions including a constitutional amendment allowing opinion-based resolutions and then 5 contingent resolutions spanning emissions, fracking, informed consent by Indigenous owners, Paris, closing coal and transition planning. See notice of meeting and voting results. Best result was 7.9% on Paris planning.

Pacific Dunlop, 2000: ASA 249p in 2000 after years of under-performance.

Paperlinx, 2005: ASA s249p statement at 2005 AGM about poor performance which sparked a stinging rebuke from chairman David Meiklejohn who claimed it was misleading.

Qantas, 2019: 23.56% support for ACCR's resolution calling on Qantas to end its relationship with DFAT deporting refugees. See media release.

QBE, 2020: 4 different shareholder resolutions including two constitutional amendments pushing for opinion resolutions followed by an associated specific request. Market Forces and Australian Ethical teamed up for the first two with the contingent resolution being to develop a plan to reduce exposure to oil and gas. These received 12.68% and 13.16% support respectively. The second two were promoted by Wilderness Ltd and The Colong Foundation with the contingent resolution being to restrict support for developments in World Heritage areas. These received 4.27% and 6.73% support respectively. See notice of meeting and voting results.

Rio Tinto, 2018: ACCR, working with a range of institutional investors, filed a resolution calling for Rio Tinto to disclose industry association payments since 2012 plus trigger points that would warrant an exit. See ACCR media release, plus addendum to the NoM and the voting results. There was 10.6% support for the constitutional change allowing opinion based resolutions and 18% for the public advocacy resolution.

Rio Tinto, 2020: ACCR filed and then withdrew a shareholder resolution on the funding of mining industry associations after Rio made some commitments about reviewing the memberships and disclosure.

Santos, 2020: ACCR filed two resolutions with the Paris targets one supported by 43.4% of voted stock and another on climate related lobbying attracting 46.35%. See media release.

Santos, 2018: Market Forces filed two resolutions: a constitutional amendment allowing opinion-based resolutions (4% support) and a contingent resolution (9.82% support) calling for a report on fugitive methane emissions. See notice of meeting.

Telstra, 2001
: ASA s249p statement in 2001.

National Australia Bank, 2006: rejected resolution in 2006 from the FSU raising concerns about risks to reputation arising out of Global Outsourcing project but was supported by a s249p statement which did go out.

St George, 2008
: the FSU ran a s249p statement in 2008 for the St George EGM calling for opposition to the constitutional amendment and scheme of arrangement to merge with Westpac. In a matter of days they had received over 600 signatures from shareholders supporting the S249P but it never went anywhere as shareholders overwhelmingly approved the takeover.

Telstra, 2008: the ACTU ran a s249p statement at the 2008 AGM raising concerns about shareholder risks associated with the National Broadband Network. Read media release.

Woodside, 2011: a climate-related constitutional amendment was supported by 5.85% of voted stock. See notice of meeting and voting results.

Woodside, 2020: ACCR filed 3 resolutions achieving a historic majority of 50.16% for its resolution on Paris targets and 42.66% for a resolution on climate related lobbying. See media release.