Three well-known large-cap ASX shares all plunged on Thursday, and they had something in common.
GUD Holdings Limited (ASX: GUD) ended the day 1.73% down, Boral Limited (ASX: BLD) shares lost 0.65%, while Reece Ltd (ASX: REH) rallied in late afternoon trading to close 0.06% lower.
Aside from the fact that they are all members of the S&P/ASX 200 Index (ASX: XJO), it may not have been a coincidence that all three companies held their annual general meetings (AGM) today.
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No strike this time
All three stocks have done very well in 2023.
Boral has rocketed 59%, GUD Holdings shares have gained 44%, and Reece has climbed 27% year to date.
So they had a lot to live up to, and perhaps investors did not quite like what they heard in each of the AGMs.
At the GUD meeting, all motions were carried comfortably. That included the remuneration report, which last year shareholders gave the board a "strike" on.
"The 'strike' we received in relation to that report [in 2022] has been given significant thought and consideration, and action has been taken in recognition of the concerns of shareholders," said chair Graeme Billings.
Sailing close to the wind
The Boral AGM also saw all motions carried with more than 90% of votes. Chair Ryan Stokes did highlight the need for the company to spend some cash in the immediate future.
"Looking ahead, we recognise the need for incremental capital expenditure across our quarry and mobile assets," he said.
"The board will consider this within the context of incremental returns and the requirement to ensure adequate quarry production life across Boral's operational geographies."
The most divisive meeting was over at Reece, where the plumbing supplies provider received a 20.5% vote against the remuneration report.
While that's enough for the resolution to pass, it's perilously close to the 25% needed for the board to receive a "strike".
