The motion to remove Mr Jensen narrowly passed with 52.41 per cent in favour, and was the only one of seven resolutions put forth by Wilson Asset Management (WAM) to be carried at the Hunter Hall Global Value (HHV) shareholders’ meeting.
“The HHV board will now take steps to identify and recruit a suitably qualified director to the HHV board as soon as is practicable,” the listed investment company said.
“The newly appointed director will then stand for election by HHV shareholders in the normal course at the company’s next annual general meeting, which is scheduled for November this year.”
HHV deputy chair David Groves thanked Mr Jensen for his “forthrightness and focus” while in the role.
“While we absolutely accept the will of the shareholders to endorse and remove directors, my colleague Julian Constable and I would like to put on record Paul’s tireless commitment to work in the best interests of HHV shareholders,” he said.
“He did so irrespective of sometimes very robust debate and differing views and objectives among shareholders.”
WAM chair Geoff Wilson said the removal of Mr Jensen was the first step in "the necessary process of board renewal".
"The removal of the chairman will make way for a revitalised board that will reward shareholders and grow the company," he said.
"I have been overwhelmed with the support and assistance we have received from shareholders along the way. Together, we have delivered a strong warning to all listed investment company boards that shareholders must be treated with respect."
The other resolutions, which were rejected by shareholders, included the removal of Mr Groves and Mr Constable from their roles, and installing Kym Evans, Glenn Burge and Emma Davidson as the new leadership team.
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