Macmahon calls for yes vote

Macmahon Holdings has written to shareholders urging them to vote in favour of the company’s remuneration report, to ensure it does not incur a ‘second strike’.

At last year’s annual meeting, more than 25 per cent of shareholders voted against the remuneration report.

If the company incurs a ‘second strike’, shareholders will have to be asked whether they want to spill the current board.

Chairman Ken Scott-Mackenzie said shareholders should consider the many changes implemented by the company since last year.

These include the sale of its general contracting business, after it incurred big losses, in order to focus on the mining sector.

The company has decreased the total remuneration paid to chief executive Ross Carroll, compared to his predecessor Nick Bowen, who consistently rated as one of the state’s highest paid CEOs in Business News’s annual salary survey.

Mr Carroll is paid fixed remuneration of $1.1 million per year, which is 16 per cent lower than Mr Bowen’s remuneration.

In addition, the board, the chief executive and other executives accepted voluntary 10 per cent pay cuts for the period between November 2012 and June 2013.

Mr Scott-Mackenzie said the board was going through a process of renewal, with former Monadelphous executive Giles Everist and former Westrac CEO Jim Walker becoming directors.