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Insights from company meetings held in 2012Voting on the remuneration reportSpill meetings are still being held in 2013Of the 25 companies across the ASX who received a second strike in 2012, six companies received more than 50% of votes infavour of the spill resolution which required them to hold a spill meeting within 90 days of the AGM. At the time of writing, fourcompanies are still yet to hold their spill meeting.Penrice Soda Holdings Limited (PSH) was the first company required by the ‘two strikes’ rule to hold a spill meeting. After havingreceived more than 25% ‘no’ votes on the remuneration report resolution and more than 50% ‘yes’ votes on the spill resolutionat their AGM held on 30 October 2012, requirements stipulate that the spill meeting must be held within 90 days of the AGM. Thismeeting was held on 25 January 2013.At the spill meeting two incumbent directors, who under the two strikes legislation ceased to hold office at the conclusion ofthe meeting, offered themselves for re-election and were both successfully re-appointed. The company had also received threeadditional nominations for Board positions, but all three failed to get the required securityholder support.Companies who plan to holdtheir AGM and a spill meeting (ifrequired) on the same day shouldconsider replacing traditionalvoting cards with digital votinghandset technology at the meetingto enable securityholders toregister for both meetings at once.Click here to find out how thistechnology assisted a companymanage its complex meetings in2012.The second company to conduct a spill meeting was Globe International Limited (GLB). GLB received a second strike at their2012 AGM held on 14 November 2012. The remuneration report resolution received more than 85% of votes against, and the spillresolution received more than 85% of votes in favour which triggered the requirement to hold a spill meeting. The spill meeting washeld on 6 February 2013. The three directors who stood for re-election were all re-appointed, each director receiving almost 90% ofvotes in support of their re-election. There were no additional nominations for the Board positions.Careful consideration required for arranging a spill meetingWe also observed that three companies arranged for a spill meeting to be held on the same day as their AGM, in the event that theyreceived a second strike and the spill resolution was passed. This pre-arranged meeting was intended to avoid the substantial costsassociated with staging a second meeting within 90 days, although these companies did incur an upfront cost associated with theprinting and mailing of a second Notice of Meeting and proxy form for a meeting that might not take place. None of these threecompanies did in fact have to hold their spill meeting, although two of the three companies did receive a second strike.How they decided – show of hands or poll?Across all Computershare clients who held their AGM in 2012, we observed that 72% of clients decided the remuneration reportresolution via a show of hands while 28% of clients conducted a poll.Based on our review of all of the 104 companies facing a second strike at their 2012 AGM, we observed that the proportion ofcompanies who decided the remuneration report resolution via a show of hands was 52% with a corresponding 48% conducting apoll.For the 25 companies who received a second strike and then had to put a spill resolution to the meeting, the proportion ofcompanies going to poll on the spill resolution was 68% with 32% voting on the spill resolution by a show of hands.21