Investors in Westfield shopping centre owner Scentre Group are expected to cast a sizeable vote against executive pay at its annual general meeting.
Scentre’s chair Brian Schwartz on Thursday told shareholders that company leaders expect a substantial vote against the pay, based on proxy votes received.
Shareholders have reason to be disappointed after the company in February posted a full-year loss of $3.73 billion.
Yet Mr Schwartz said the board’s pay deal considered complex times, and the need to retain high-performing people.
Mr Schwartz said fixed remuneration for senior management and base fees for board members were reduced by 20 per cent at the height of the pandemic. They remained reduced for three months.
Some bonuses were scrapped for the 2018-2020 years.
Chief executive Peter Allen has not had a pay increase since taking the job in 2014, Mr Schwartz said.
Scentre Group did not claim financial support from the Australian or New Zealand governments, such as the JobKeeper wage subsidy.