ASIC questions Novogen about remuneration vote

The Australian Securities and Investments Commission has written to Novogen (ASX:NRT) after the company adopted the company's remuneration report based on a show of hands at its AGM in late October, despite receiving an overwhelming majority of proxies against the resolution.

Over 12.1 million (70 per cent) validly appointed proxies voted against the adoption of the company's remuneration report for the year ended June 30, 2005, compared with 4.6 million proxies in favour (26 per cent).

Initial reporting by the company of the results of the AGM stated that "the motion was carried on a show of hands as a non-binding resolution".

Amended AGM results then stated that: "the majority vote on the show of hands in favour and the 12.5 per cent proxy vote against was noted by the chairman for this non-binding ordinary resolution."

Novogen managing director Chris Naughton told Australian Biotechnology News that it would not be appropriate or prudent to comment on the matter because it "is just now being discussed".

"All the data from the voting proxies was released to the market and released to the meeting," said Naughton.