Where majority shareholder-directors of a company review and increase their own remuneration in light of improving financial circumstances, a failure to simultaneously review the dividend policy for the benefit of passive minority investors may constitute oppressive conduct under the Corporations Law, even where the remuneration levels are not themselves excessive. Directors' remuneration that is high but not excessively so, where the directors have been materially responsible for the company's development, does not of itself constitute oppression.
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