The first round of non-binding shareholder votes on executive pay packets has been hailed a success. Trouble is, investors can't assume their votes are counted - some are going missing before annual meetings, according to a corporate governance report.
The AMP Capital Investors report found that the vanishing votes were the result of simple data entry errors in a cumbersome, manual system that could involve several parties, and errors by the share registry or companies.
In one case, completed proxy forms were sent to a fax number no longer used by the company.
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