Shareholders Vote: Remuneration Report and John Mullen

shareholders vote: If more than 25% of shareholders vote against the remuneration report at next year's AGM, it would constitute a second strike and trigger a forced spill of board positions, according to The Guardian. Australia's executive pay backlash hits Telstra and Transurban Read more The chairman, John Mullen, told Tuesday's meeting there could be merit to replacing complex remuneration calculations with a traditional payment structure such as half-cash, half-shares locked in for five years. More than 60% of investors voted against the telco's remuneration report at Tuesday's annual general meeting, raising the prospect of a board spill in 12 months if it doesn't address widespread unhappiness among shareholders. Maybe there is a case for doing away entirely with all these complex schemes and just go back to a fixed salary commensurate with the difficulty of the role, he said. Mullen admitted executive salaries were too high across the board but said he was disappointed with the rejection of a plan to cut bonuses by 30% for a year in which dividends fell nearly a third. The AGM would be over in half the time. (news.financializer.com). As reported in the news.