When a first strike is not a first strike: AusNet Services 2016 AGM

AusNet Services has released its 2016 AGM Notice of Meeting today for its 21 July 2016 meeting, without the conditional/contingent Board Spill Resolution. Last year's first strike was against the former stapled group and, in the Board's view, is not relevant for the newly listed entity AusNet Services Ltd. Those of you with good memories will recall the 2015 AGM: Tony Iannello was not re-elected as a director; a resolution to give the Board authority to issue shares under clause 3.10 of the group's constitution failed to pass; the remuneration report received 58.76% for on a poll and was acknowledged as a first strike; while the resolution to increase the NED fee pool limit only received 19.41% for on a poll. The NED fee pool resolution is back on the AGM agenda this year, as are three separate resolutions under clause 3.10 of the company's constitution to issue shares: up to 10% of the issued capital where the issue is made pursuant to a pro-rata issue; under a dividend reinvestment plan; and under an employee incentive scheme.