Australian Ethical Investment Limited (AEI) shareholders have voted to reject all resolutions put to a general meeting called by a small group of dissident shareholders.
All 10 resolutions were rejected by comfortable margins.
AEI Chairman, Andre Morony welcomed the vote and the outcome.
“A small group of shareholders mounted what could politely be called a “vigorous” campaign against the Board. Despite their negative campaign the group, who with their families and friends control about 20% of shares, were only supported by an average of about 15% of shareholder votes. Voting by shareholders not in the dissident group was approximately three to one in favour of the Board.
It is time for the company to heal and continue unhindered on its mission of promoting ethical investment. The dissidents promised in their notice of meeting to “always respect shareholders, particularly their right to know what’s going on and to vote” I call on them now to live up to that promise and respect the will of the shareholders.” Mr Morony said.
AEI Managing Director, Phil Vernon added, “This has been an unfortunate distraction for all concerned and we look forward to getting on with the business of looking after the investments of our 18,000 clients.
Australian Ethical has the deepest commitment to ethical standards and this will never change. Over the past few years, we have been improving our professionalism and competitiveness as well as the efficiency and robustness of our operations in order to deliver an improved service to clients.
Financial services is going through one of the most tumultuous times in living memory and without these changes the company could not survive. Our current team not only has a commitment to the ethics and values that the company has long symbolised but also have impressive track records in investments, client service and marketing.
We can now get on with fulfilling our vision – that people can save and invest in a way that allows them to have strong investment performance and financial security and also look their grandchildren in the eye and say they have had a positive impact on the planet.”
Shareholder participation was high, with almost 75% of eligible votes cast.