China Unicom Voting Recommendations
28 April 2003
| Company: | China Unicom Limited |
| Stock code: | 0762 |
| Date of meeting: | 12-May-03 |
| Time of meeting: | 10:30 |
| Advice date: | 28-Apr-03 |
| CCASS voting cut-off | 7-May-03 |
| Notice of meeting | Click here |
| Voting method: | Webb-site.com will require a poll, all proxies will be counted |
Note to journalists:
We have up to 4 proxy seats available inside this AGM. Please contact
us if you want one.
| Item | Description | Vote |
| 1 | Adopt the accounts | FOR |
| 2 | Declare a final dividend | FOR |
| 3.1 | Elect Shan Weijian | FOR |
| 3.2 | Re-elect Shi Cuiming | FOR |
| 3.3 | Re-elect Ge Lei | FOR |
| 3.4 | Re-elect Craig Oliver McCaw | FOR |
| 3.5 | Re-elect William Lo Wing Yan | FOR |
| 3.6 | Re-elect Ye Fengping | FOR |
| 3.7 | Authorise the directors to fix directors' fees | FOR |
| 4 | Re-appoint PriceWaterhouseCoopers | FOR |
| 5 | Mandate the directors to repurchase shares | FOR |
| 6 | Mandate the directors to issue additional shares | AGAINST |
| 7 | Mandate the directors to issue repurchased shares | AGAINST |
Reasons AGAINST
Items 6 and 7
Webb-site.com urges all investors to vote against the general issue mandate for all listed companies, for the reasons explained in Project Vampire, unless they comply with the recommendations set out in that article. The non-pre-emptive issue mandate allows management to choose the shareowners by allotment of shares. This corrupts the governance mechanism. Shareowners should govern management, not the other way around. If a company wishes to raise cash by issuing shares, then it should do so by rights issue.
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