The biggest votes against remuneration reports

Valad Property Group, 2008: 76.1% - huge protest against excessive pay to executives as company close to collapse.

Novogen, 2006: 72.5% - concern over termination benefits for executives and lack of performance hurdles on options. See The Age.

Telstra, 2007: 66.18% - not enough performance hurdles or disclosure for Sol Trujillo's package.

AGL, 2007: 62.56% - Welshman Paul Anthony pocketed a ridiculous $17 million for 17 months work.

Downer EDI, 2009: 59.08% - concern the long term incentive scheme was too generous.


Transurban, 2008: 58.56% - concern over $16.6 million farewell to former CEO Kim Edwards.

Boral, 2008: 58% - big increase in base pay and short term bonuses for CEO Rod Pearce.

AWB, 2009: 54.34%

Wesfarmers, 2008: 50.50% - poor disclosure of incentive scheme for CEO Richard Goyder.

United Group, 2009: 49.2% - CEO Richard Leupen got a big incentive to find a successor. Listen to the remuneration debate here.

Transurban, 2009: 48% against in the poll after proxies were 69.13% against - listen to the remuneration report debate.

Aspen, 2009: 47.5%

Oxiana, 2006: 46.9% - changed the performance period on CEO Owen Hegarty's options, costing shareholders millions.


Alumina, 2007: 46.2% - CEO incentives not structured appropriately.

MFS, 2007: 45.92% - options for chairman Andrew Peacock and too much cash for the senior executives.

Toll Holdings, 2008: 42.94% - big protest against outrageous payouts as part of Asciano demerger.

Qantas, 2009: 42.55% - big concern over huge payout to former CEO Geoff Dixon. Listen to the debate here.

Qantas, 2008, 41.48% - shareholders don't believe Geoff Dixon should be the highest paid airline CEO in the world.

Lend Lease, 2009, 41.4% - debate was minimal.

Zinifex, 2006: 41.26% - excessive $12 million incentive payment to outgoing CEO Greg Gailey.

Suncorp, 2007: 40.61% - excessive incentive payments guaranteed after Promina takeover.

Cabcharge, 2009: 40.35%

Computershare, 2009: 40%

Babcock & Brown Power, 2007: 38.61% - lack of alignment between executive pay and performance.



United Group, 2008: 37.5% - performance pay not correctly structured from CEO Richard Leupen.

Challenger Financial Group, 2008: 36.6% - ridiculous golden parachute for CEO Mike Tilley.

Sims Group, 2006: 35.6%

Centro Properties, 2009: 35.51%

Crane Group, 2007: 35.37%

Investa Property Group, 2006: 35.14%

Crane Group, 2008: 34.5% - second successive big protest over CEO incentives.

Asciano, 2008: 32.85% - excessive package and slack hurdles for CEO Mark

Bendigo and Adelaide Bank, 2009: 32.46% - listen to the remuneration debate

Orica, 2008: 32% - shareholders don't like the non-recourse loans and excessive complexity even though it is actually a very cost-effective way to do it. See voting results.

Suncorp-Metway, 2008: 32% - excessive bonuses after excessive Promina takeover.

Toll Holdings, 2007: 31.85% - outrageous payouts to execs as part of Asciano demerger.

Babcock & Brown Infrastructure, 2009: 31.82%

Centro Properties Group, 2008: 31.12%

Leighton Holdings, 2009: listen to the debate