Phoenix Asset Management said it is planning to call
an EGM at Goshawk Insurance to put its proposal to Goshawk
shareholders.
The announcement follows Monday's AGM, where Goshawk shareholders approved the pay of the company's directors.
Last week, Phoenix wrote a letter to Goshawk's shareholders, saying it would vote against the remuneration report.
"We believe that the compensation awarded to directors in 2004 is out of line with the performance of the business in the year, is inconsistent with the Remuneration Report of 2003 and is just too high in absolute terms for the size
and type of business Goshawk is," Phoenix said in its letter.
The motion to adopt the remuneration report was passed on a show of hands at Monday's AGM. However, Phoenix has said that if Goshawk chairman Paul Spencer had called for a poll and thereby included proxy votes, the motion would have been defeated.
"We believe that in not calling for a poll Mr Spencer's decision has overridden the wishes of the majority of shareholders...we plan to proceed as quickly as we can to requisition an extraordinary general meeting to put our proposal before shareholders," Phoenix said.
