Hey folks, big news from down under! Shareholders of Australia’s Magellan Financial Group have given a big thumbs-down to the company’s executive pay plan. More than 58% of shareholders said ‘nope’ to the remuneration report at the annual general meeting. This means the company’s board might have to face re-election next year if things don’t improve.
The company has been going through a rough patch, with its share price taking a nosedive and investors pulling out their funds. The departure of co-founder Hamish Douglass earlier this year didn’t help matters either.
Magellan’s assets under management have also taken a hit, dropping to A$34.3 billion from A$114.8 billion in just a month. That’s a massive drop, folks!
The company’s stock has been on a rollercoaster ride, falling by a whopping 20.1% this year. Right now, it’s trading at A$6.9, a far cry from the A$51 it reached in July 2021.
But hold on, the CEO, Andrew Formica, isn’t throwing in the towel just yet. He’s owning up to the company’s struggles and promising to turn things around. Formica even mentioned that the company has a solid balance sheet and is looking at potential acquisitions. Looks like they’re not giving up without a fight!
So, what’s next for Magellan Financial Group? Will they bounce back from this rough patch? Only time will tell. Stay tuned for more updates!
(Reporting by Roshan Thomas in Bengaluru; Editing by Rashmi Aich)
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