Myer avoids fresh strike against exec pay

The Myer board looks set to avoid a third straight rejection of its remuneration report even though one in five shareholders remains unconvinced the department store has sufficiently balanced executives’ reward with performance.

Myer received 19.1 per cent of proxy votes against its remuneration report at Wednesday afternoon’s annual general meeting in Sydney, just short of the 25 per cent needed to trigger a first strike.

Shareholders had rejected management’s pay packets in 2017 and handed Myer a second strike in 2018, though a spill of the board was avoided.

AAP

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