The pushback from large shareholders against executive pay packets reflects the general poor quality of Australian boards.
When corporate heavy hitter Woolworths copped a big vote against its executive pay on Thursday, it felt like there was more to this protest vote than just how much the grocer’s boss Brad Banducci is taking home.
Property giant Dexus and Tabcorp have both already felt the sting of a vote against their remuneration report, Whitehaven Coal suffered a resounding 40 per cent vote against pay, while Treasury Wine Estates copped an even larger 46 per cent hit against it.Even biotech CSL came close to having a remuneration strike this year, and all this even before Qantas’ AGM, where the airline looks in line to win the wooden spoon this year.
Woolworths is not generally known for governance misadventures and this year’s stumble coincided with relatively strong returns, so Banducci was not being punished for the supermarket group’s financial performance. Even though there are plenty of companies that have received two strikes, shareholders seldom push to sack the board - mainly because it is so destabilising that it runs against shareholder interests. But most companies that receive one strike usually alter the structure of remuneration the following year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why is this 10-year-old song the biggest Australian hit right now?Vance Joy’s Riptide has been the top Australian song on the ARIA charts for much of this year. But its success signals a bigger issue in Australian music.
Read more »
Why is this 10-year-old song the biggest Australian hit right now?Vance Joy’s Riptide has been the top Australian song on the ARIA charts for much of this year. But its success signals a bigger issue in Australian music.
Read more »
Why is this 10-year-old song the biggest Australian hit right now?Vance Joy’s Riptide has been the top Australian song on the ARIA charts for much of this year. But its success signals a bigger issue in Australian music.
Read more »
Rising fees and staff shortages: why Australian childcare is in crisisThe sector fails both parents and staff because it relies on a mix of providers and is poorly subsidised, say experts. Here are their solutions
Read more »
Why a high court decision on EV tax has Australian states and territories panickingState and territory leaders are spooked that their revenue streams — not just from EVs — could now be legally challenged, putting billions of dollars at risk
Read more »
Australian Federal Police raids target alleged money laundering by Changjiang Currency ExchangeAustralian Federal Police arrest seven people in Melbourne and seize $50 million worth of luxury cars and property as part of a long-running investigation into an alleged money-laundering syndicate it says was operating 'in plain sight'.
Read more »