Diploma Group shareholders have rejected the company’s remuneration report, although the vast majority of stockholders chose to abstain from the vote.
The construction group today announced the results of its annual meeting from Friday, where 86 per cent of shareholders that voted on the pay plan rejected it.
But out of Diploma’s 152-million-plus issued securities, more than 105 million votes were received as abstained.
According to Diploma's annual report, the company's board of directors was slated to receive a total of just over $2 million in remuneration this financial year.
Other prominent WA-based firms to have received a strike from shareholders during annual meeting season include miners Heron Resources and Chalice Gold Mines, car dealer network AHG, construction and contracting group Emeco and transportable housing firm Fleetwood Corporation.
Law changes introduced this financial year dictate that if more than 25 per cent of shareholder votes are cast against a remuneration report for two consecutive years, the entire board would face re-election.
