SYDNEY (Reuters) – Shareholders of Australia’s Qantas Airways voted overwhelmingly against the company’s executive pay report, according to a tally of proxy votes shown at its annual meeting on Friday.
Proxy votes that were cast before the meeting showed 83% against a resolution to adopt the company’s remuneration report, compared to 17% in favour, according to a document shown at the meeting.
The vote has no immediate consequences but if shareholders vote against a company’s remuneration report for a second year, they may hold another vote on whether to remove the entire board.
“This is obviously a very clear message from shareholders,” Qantas Chairman Richard Goyder told the meeting.
(Reporting by Byron Kaye; Editing by Muralikumar Anantharaman)