Consumer and commercial finance company Humm has suffered a significant blow at its annual general meeting, with over 55 per cent of investor votes rejecting its remuneration report. This constitutes an emphatic strike against the plan, signalling strong shareholder dissatisfaction with the company’s approach to executive compensation. Humm provides a range of financial products and services to consumers and businesses. It operates in Australia, New Zealand, and Ireland.
The investor revolt reflects broader governance concerns, particularly regarding transparency and the board’s handling of a $286 million takeover bid led by chairman Andrew Abercrombie. The failed takeover attempt has drawn scrutiny to the board’s processes, with some shareholders questioning the extended due diligence period granted to Abercrombie. Slides presented at the meeting revealed that only 43.6 per cent of Humm investors approved the remuneration report, highlighting the widespread disapproval.
In addition to the remuneration strike, substantial protest votes were recorded against the re-election of directors Robert Hines and Teresa Fleming. Both directors faced opposition from approximately 27 per cent of voting shareholders, though both resolutions ultimately passed. The level of dissent underscores the depth of investor unease with the company’s current leadership and direction.
Further compounding Humm’s challenges, the company is subject to a complaint lodged with the corporate regulator by a senior insider. The complaint relates to the contents of a quarterly update released to the Australian Securities Exchange (ASX) on October 31, adding further pressure on the company’s management and board.
