Shareholders have grilled the biotech giant about its long-term strategy as the stock sits close to 10 per cent lower for the year.
CSL has been forced to defend its performance and its long-term strategy including the value of the recently acquired kidney disease treatments maker Vifor, with more than 20 per cent of shareholders voting against the company’s remuneration report on Wednesday.
But the company was still grilled by shareholders on a range of topics from the level of dividend payout it gives shareholders to the long-term potential of itsCSL narrowly avoided a “first strike” on its remuneration report after 23.03 per cent of shareholders voted against executive pay. A vote of 25 per cent or more would have resulted in a first strike against pay.
CSL shares were down by 9.6 per cent for the year on Wednesday, trading at $254.44 at 2.45pm. The stock was hit earlier this year after the company was forced to issue aInvestors also remain cautious about the recovery of margins in the group’s blood plasma business, where the cost of collecting plasma have remained elevated since the pandemic, and the performance of Vifor, which faces competition from generic medicines set to hit the market in the coming months.
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