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Highlights
- Lendlease secured strong shareholder backing for its remuneration report.
- The company avoided a potential board dissolution with over 91% votes in favor.
- New chairman John Gillam’s engagement with key investors contributed to the positive outcome.
Lendlease Group (ASX:LLC), an Australian property and infrastructure firm, successfully sidestepped a “second strike” against its remuneration report at its recent annual general meeting. A second strike could have led to a forced board vote, placing the leadership team’s future at risk. However, the company achieved a significant turnaround in shareholder sentiment, with over 91% voting in favor of the remuneration report this year, a substantial shift from the previous year’s 39.8% opposition.
Outgoing chairman Michael Ullmer acknowledged the high level of shareholder support, emphasizing that the company addressed prior concerns raised by investors. Although Ullmer did not disclose how proxy advisers voted on this report, the Australian Shareholders Association noted that it voted against the remuneration report, signaling continued scrutiny from certain advisory bodies. Ullmer interpreted the positive voting result as a strong endorsement from security holders, who appeared satisfied with Lendlease’s response to past feedback.
The transformation in shareholder support was partly credited to the efforts of John Gillam, the newly appointed chairman of Lendlease. In the lead-up to the meeting, Gillam conducted a comprehensive roadshow, meeting with major stakeholders, including prominent investors like Tanarra Capital, led by John Wylie, and HMC Capital, headed by David Di Pilla. These discussions were aimed at addressing their concerns and reassuring them of the company’s future direction under the new leadership.
Gillam's proactive engagement proved effective, culminating in his election as chairman with overwhelming support, garnering over 99% of the vote. This endorsement signifies a renewed confidence in Lendlease’s board, particularly as Gillam steps into the role with a commitment to strengthening relationships with shareholders and addressing their concerns directly.
The vote result at the annual general meeting reflects a positive shift in sentiment for Lendlease, positioning the company’s leadership on stable ground as it advances its strategic objectives.
