Proxy voting error results in Emeco AGM double-count

A double-counting of proxy votes by a custodial shareholder that led to an initial, apparent vote of 26.4% against the remuneration report of heavy earthmoving equipment solution provider Emeco highlights flaws in the proxy voting system. Because of the lack of audit trail in proxy voting, and because of the two strikes rule and rules on voting exclusions prohibiting related parties from voting on remuneration reports, Chartered Secretaries Australia (CSA) has advised members to maintain clear polices to identify who can and can't vote on remuneration reports at the AGM.