Most Contentious NZX Shareholder Votes

NZX shareholder resolutions that received the lowest percentage of votes in favour. Identifies resolutions where shareholder dissent was highest based on AGM/GM voting data.

Updates monthly · 50 companies

#	Ticker	Company	Resolution	Votes For	Type	Passed
1	CHI	Channel Infrastructure NZ Limited	That Mr Daniel Reurich, who is nominated as a director by a Shareholder of the Company in accordance with Listing Rule 2.3.1, be elected as a Director of the Company	0.9%	Director Election	No
2	CHI	Channel Infrastructure NZ Limited	That Mr Karl Barkley, who is nominated as a director by a Shareholder of the Company in accordance with Listing Rule 2.3.1, be elected as a Director of the Company	0.9%	Director Election	No
3	CHI	Channel Infrastructure NZ Limited	That Mr. Karl Barkley, who is nominated as a director by a Shareholder of the Company in accordance with Listing Rule 2.3.1, be elected as a Director of the Company.	1.0%	Director Election	No
4	CHI	Channel Infrastructure NZ Limited	That all work on the decommissioning of the Marsden Point Refinery be suspended once the safety of staff and contractors have been addressed, pending the delivery of an independent report by an appropriately qualified engineering firm, on the costs, benefits and estimated schedule of reinstating the refinery to operating capability, assuming market conditions, including operating costs and customer demand, that were in effect across 2017. That such report be allocated a budget of NZ$100,000 with a delivery time of 6 months from the time the contract is let. That the Board direct management to issue a request for proposals and seek invitations for tender for consideration within 2 months of the meeting date (30 April 2024). That the report be provided to all Shareholders with a recommendation from Management for consideration at a Special Meeting to be called within 25 working days of receipt of the Report	1.1%	Other	No
5	ANZ	ANZ Group Holdings Limited	Spill Resolution	1.4%	Other	No
6	NZM	NZME Limited	Election of Benedict Ong as Director	1.9%	Director Election	No
7	VGL	Vista Group International Limited	That Stephen Mayne be elected as a Director of Vista Group	2.4%	Director Election	No
8	WBC	Westpac Banking Corporation	Amendment to the Constitution	6.2%	Constitution Amendment	No
9	WBC	Westpac Banking Corporation	Amendment to the Constitution	6.3%	Constitution Amendment	No
10	WBC	Westpac Banking Corporation	Amendment to the Constitution	6.6%	Constitution Amendment	No
11	ANZ	ANZ Group Holdings Limited	Resolution requisitioned by members - Amendment to the Constitution	7.1%	Constitution Amendment	No
12	RAK	Rakon Limited	That Brent Robinson be removed as a Director of Rakon Limited	8.7%	Director Removal	No
13	ANZ	ANZ Group Holdings Limited	Amend the company’s constitution	8.8%	Constitution Amendment	No
14	NTL	New Talisman Gold Mines Ltd	Director Election: John Wedde	8.9%	Director Election	No
15	ANZ	ANZ Group Holdings Limited	Strategy to eliminate financed deforestation	11.3%	Shareholder Request	No
16	RAK	Rakon Limited	That a revised Constitution, including any amendments determined by the Board under Resolution 6, is tabled for consideration by shareholders as a special resolution at the next Annual Shareholders’ Meeting of Rakon Limited	11.6%	Constitution Amendment	No
17	RAK	Rakon Limited	That the Board determine the constitutional settings required for Rakon Limited to include a minority investor voting regime within its Constitution	13.0%	Constitution Amendment	No
18	OCA	Oceania Healthcare Limited	Shareholder Proposal - Independent Strategic Review	13.2%	Shareholder Proposal	No
19	FSF	Fonterra Shareholders' Fund	Mr Richard Dampney's first proposal	15.2%	Other	No
20	FCG	Fonterra Co-operative Group Limited	Mr Richard Dampney's first proposal	15.2%	Other	No
21	FCG	Fonterra Co-operative Group Limited	Mr Richard Dampney's third proposal	15.5%	Other	No
22	FSF	Fonterra Shareholders' Fund	Mr Richard Dampney's third proposal	15.5%	Other	No
23	FSF	Fonterra Shareholders' Fund	Mr Richard Dampney's fourth proposal	15.8%	Other	No
24	FCG	Fonterra Co-operative Group Limited	Mr Richard Dampney's fourth proposal	15.8%	Other	No
25	MCK	Millennium & Copthorne Hotels New Zealand Limited	Election of Steven Zingel as a director	16.0%	Director Election	No
26	FCG	Fonterra Co-operative Group Limited	Mr Richard Dampney's second proposal	18.0%	Other	No
27	FSF	Fonterra Shareholders' Fund	Mr Richard Dampney's second proposal	18.0%	Other	No
28	ANZ	ANZ Group Holdings Limited	Customer Transition Plan Approach and Climate Commitments	18.6%	Other	No
29	NTL	New Talisman Gold Mines Ltd	Director Re-election: Victor Rabone	19.8%	Director Re-election	No
30	MPG	Metro Performance Glass	That Graham Stuart be elected as a Director of the Company.	21.5%	Director Election	No
31	ANZ	ANZ Group Holdings Limited	Disclosure of financed deforestation	22.7%	Shareholder Request	No
32	ANZ	ANZ Group Holdings Limited	Resolution requisitioned by members - Transition Plan Assessments	27.2%	Other	No
33	ERD	EROAD	Removal of Director: John Scott be removed as a Director of EROAD Limited	34.8%	Director Re-election	No
34	BPG	Black Pearl Group Limited	That, in accordance with NZX Listing Rule 4.5.1(c), shareholders ratify the fully paid ordinary shares of BPG issued under the placement on 11 October 2024 and 22 October 2024.	35.2%	Ratification of Share Issue	Yes
35	ERD	EROAD	Election of Director: Scott Smith as Director of EROAD Limited	35.6%	Director Election	No
36	ERD	EROAD	Election of Director: Steve Hammond as Director of EROAD Limited	35.9%	Director Election	No
37	GEN	General Capital Limited	Re-election of Director: Brent Douglas King	36.9%	Director Re-election	No
38	ERD	EROAD	Removal of Director: Sara Gifford be removed as a Director of EROAD Limited	37.2%	Director Re-election	No
39	LIC	Livestock Improvement Corporation Limited	Election of one Elected Director for the North Island	42.8%	Director Election	Yes
40	TAH	Third Age Health Services Limited	That Warren William Flaunty be elected as a director of Third Age Health	43.5%	Director Election	No
41	CVT	Comvita Limited	Removal of Ms Bridget Coates as a Director	45.7%	Director Removal	No
42	LIC	Livestock Improvement Corporation Limited	Election of one Elected Director for the North Island	46.3%	Director Election	Yes
43	ERD	EROAD	Non-Binding Say On Pay Vote: That EROAD's Remuneration Report for the year ended 31 March 2023, as set out in the FY23 Annual Report, be adopted	48.5%	Remuneration Report	No
44	ANZ	ANZ Group Holdings Limited	Grant of restricted rights and performance rights to Mr S C Elliott	50.1%	Other	No
45	LIC	Livestock Improvement Corporation Limited	Election of one Elected Member of the Shareholder Reference Group for the Upper North Island Territory	52.2%	Other	Yes
46	LIC	Livestock Improvement Corporation Limited	Election of one Elected Director for the South Island	52.8%	Director Election	Yes
47	GEN	General Capital Limited	Increase to Directors' fee pool	53.0%	Remuneration	Yes
48	TWL	TradeWindow Holdings Limited	Re-election of Andrew Balgarnie as executive director	54.9%	Director Re-election	Yes
49	ARB	ArborGen Holdings Limited	That David Knott be re-elected as a director of the Company	55.5%	Director Re-election	Yes
50	CVT	Comvita Limited	Increase in Directors' Remuneration	59.3%	Remuneration	Yes

Frequently Asked Questions

What makes a shareholder vote contentious?

A vote is considered contentious when a significant proportion of shareholders vote against the resolution. Industry norms suggest that dissent above 20% is noteworthy, and resolutions that fail to pass (below 50% or 75% for special resolutions) indicate strong shareholder opposition.

What types of resolutions generate the most dissent?

Based on NZX voting data, remuneration-related resolutions, director elections, and related party transactions tend to receive higher levels of dissent compared to routine resolutions like auditor appointments.

Related Rankings

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Disclaimer

Data sourced from publicly available NZX filings and annual reports. Our datasets may not be complete. Automated analysis can produce errors. Scores are calculated using disclosed methodology and are analytical tools, not investment ratings or recommendations. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.