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Sayona faces investor backlash over granting of shares

Business

Lithium company Sayona has faced a shareholder revolt over resolutions to grant 10 million shares to its chief executive and its company secretary.

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While the resolutions were passed, they faced strong opposition with 45 per cent and 46 per cent opposed respectively.

A separate resolution to adopt a new constitution was withdrawn because of an expected backlash.

In response to the rejection by many shareholders, the company said it acknowledged the high level of no votes for the contentious resolutions.

It said that in respect of the issue of shares to managing director Brett Lynch and company secretary Paul Crawford, the board had engaged with investors and that feedback would be incorporated in remuneration structures.

It had previously said it had appointed a remuneration specialist to advise it on performance-based pay for executives.

“Given the level of concern raised by investors relating to proposed changes to the constitution relating to the board’s ability to hold virtual-only shareholder meetings, the board agreed to withdraw that resolution prior to the meeting,” Sayona said.

The rejection of the two share based resolutions follows Sayona’s decision to shake up its board and appoint new directors and a new independent chair. It also promised new governance committees.

 

 

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