21st Sep 2018 16:18
LONDON (Alliance News) - Supply chain software firm Tungsten Corp PLC on Friday said a 60% majority of shareholders voted against the directors' remuneration report at its annual general meeting.
In total, 60% or 43.0 million shareholder votes were cast against the remuneration report for the year ended April 30, while 28.1 million or 40% voted in favour. 8.2 million votes were withheld.
Tungsten said it acknowledged the votes against the remuneration report.
"Now that the turnaround of Tungsten is largely completed, the board intends to review directors' remuneration and consult shareholders further on the conclusions of that review," the company said.
The re-election of Peter Kierman as a non-executive director also proved controversial, with only 63% of votes cast in favour.
As a result of the vote, Antony Bromovsky was been appointed deputy chair of Tungsten with immediate effect.
Tungsten shares were down 0.8% at 51.40 pence on Friday afternoon.
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