22/11/2018 - 15:50

Ellison dismisses vote against remuneration report

22/11/2018 - 15:50

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More than 60 per cent of Mineral Resources shares voted against the company’s remuneration report at today's annual meeting.

Ellison dismisses vote against remuneration report
Mr Ellison says the result is frustrating. Photo: Gabriel Oliveira

More than 60 per cent of Mineral Resources shares voted against the company’s remuneration report at today's annual meeting.

The Chris Ellison-led company received only 36.38 per cent support for its remuneration package at the AGM.

It was the third straight year that shareholders have voted against the remuneration report.

In 2016, the company received its first strike and last year a second straight strike triggered a spill motion against the board.

This spill motion was defeated, with only 1 per cent support.

In defeating last year's motion, the company's first two strikes were rubbed out, meaning today's result is the company's first strike.

Managing director Mr Ellison’s remuneration package totalled $4.7 million, according to the report. 

Mr Ellison said the result was frustrating.

“It’s ironic that they’ll vote down the remuneration and then they step in and vote to keep the management in place, it’s dumb,” he said.

“My view on it is that if they don’t want to take responsibility of managing their portfolio, get off our register.”

All other motions were passed at the meeting.

The vote on a remuneration report is non binding. 

The news comes after more than 40 per cent of robotics company FBR's shares were voted against both the remuneration report and performance rights plan at its AGM yesterday.

Mining contractor NRW Holdings also received a first strike yesterday, with nearly 50 per cent of shareholder votes going against the remuneration report.

 

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