DroneShield's annual general meeting on Friday 29 May drew a first strike: 50.51% of shareholders voted against the remuneration report1. The ASX-listed Australian counter-drone firm is one of the sector's most-watched names, and a first strike, an against vote above 25%, formally signals investor dissent on executive pay.
The other resolutions passed. CEO Angus Bean's 290,375-option long-term incentive package cleared with 55.8% support, and Hamish McLennan was elected chair with 82.43%2. The earlier coverage of this AGM noted the Bean options and remuneration votes were still pending publication; these are the results.
A 50.51% protest vote against pay, set against the 82.43% backing for the incoming chair, shows investors endorsing the board's direction while rebuking its pay structure. A second strike at next year's meeting could trigger a board spill, so the result is a warning shot rather than a verdict, delivered against a backdrop of rapidly scaling counter-drone demand.
