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First strike at Pengana LIC

Pengana International Equities (PIA) faced a first strike against its remuneration report, as about 49.9% of votes went against it.

Unitholders of the LIC had two resolutions before them at the October 28 Annual General Meeting: THE reelection of David Groves as a director and its remuneration report.

Both were carried but the votes were split.

Of the total votes cast at the poll, 49.86% were against the remuneration report, while 50.14% were in favour. This means the report got the green light but suffered a first strike, as over 25% were against passing it.

The global equities portfolio returned 11.3% in the year, post fees and expenses. This outstripped the MSCI World Total Return Index by 6.5%.

It is also moving from an annual dividend to quarterly dividends (January, April and July), after switching to fully-franked dividends in May.

The remuneration included $65,700 for the chair Francis Gooch.

There are three non-executive directors: David Groves, who was paid $$43,800), Sandi Orleow, who was paid $36,500 and Julian Constable, who was paid $14,600.

Gooch was previously the chief executive of Sydney LIC Milton Corporation.

Groves has 25 years of experience. He is also the chair of Tasman Sea Salt Pty Ltd and a non-executive director at Pengana Capital Group, Redcaoe Hotel Group Management Ltd as responsible entity of the Redcape Hotel Group and Pipers Brook Vineyard Pty Ltd. He has also held a directorship at EQT.

"The company has no employees or remuneration expenses other than fees payable to non-executive directors, as all operational and administrative duties are performed by the investment manager. As your representatives, the PIA Board is comprised of four individuals with an average of 24 years' experience in the finance and investment industry," a Pengana spokesperson said.

"...Russel Pillemer, who is also director and chief executive officer of Pengana Capital Group Limited, PIA's investment manager, is not remunerated by PIA. The director's fees for non-executive directors have remained constant since the 2018 financial year, when they were reduced by 23%."

Read more: David GrovesPengana International Equities
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