The biggest votes against remuneration reports

December 4, 2023

This list tracks some of the biggest against votes of more than 25% on remuneration reports since the non-binding vote was introduced in 2005, particularly focusing on so-called "strikes" after the 2 strikes regime was introduced in July 2011.

NAB, 2018: 88.43% - huge protest after the Royal Commission scandals. CEO Andrew Thorburn also had his LTI grant voted down that day. See voting results.

Link, 2023: 83.14% against with Vivek Batia's LTI grant almost going down with 49.37% against. See voting results.

Qantas, 2023: 82.93% - huge protest after excessive payments to former CEO Alan Joyce but the new CEO's LTI grant was supported. See voting results.

Harvey Norman, 2023: 81.83% against after bonuses paid despite falling profits. See voting results.

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

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

Paperlinx, 2010: 68.1% - concern over excessive payments to outgoing CEO Tom Park after years of poor performance. See how The SMH reported the story. See voting results.

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

2007: 62.56% - Welshman Paul Anthony pocketed a ridiculous $17 million for 17 months work. See voting results.

Rio Tinto, 2021: 61.63% - anger over the excessive payouts to the executives responsible for the Juukan Gorge fiasco. See voting results.

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

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

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

Boart Longyear, 2010: 57% - went down badly with 1.037 billion votes in favour and 1.42 billion votes against. See voting results.

Transurban, 2010: 55% See voting results.

, 2009: 54.34%.

Pacific Brands, 2011: 52%.

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

Graincorp, 2010: 49.8% See voting results.

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

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

Aspen, 2009: 47.5% See voting results.

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

2007: 46.2% - CEO incentives not structured appropriately. See voting results.

Arafura Resources, 2011: 46%. See results.

2007: 45.92% - options for chairman Andrew Peacock and too much cash for the senior executives. See voting results.

GUD Holdings, 2011: 43% - increases in base pay were too large so copped a first strike. See voting results. AGM on November 1 in Melbourne.

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

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. See voting results.

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

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

Linc Energy, 2011: 41%. CEO Peter Bond couldn't vote his stock so second strike vote is looming.

Asciano, 2010: 41% See voting results.

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

Cabcharge, 2009: 40.35% See voting results.

2009: 40%.

Cabcharge, 2011: 40%. See results.

Bluescope Steel, 2011: 39% against after executives got big bonuses despite $1 billion loss. See voting results.

NRW Holdings, 2011: 38%. See results. Second strike upcoming for Perth-based company.

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

Fleetwood Corporation, 2011: 38%. Perth-based company facing a second strike.

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

Rio Tinto,
2010: 37% See voting results.

Tassal Group, 2011: 37%. See results.

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

Watpac, 2011: 36%. See voting results.

Sims Group
, 2006: 35.6% See voting results.

Centro Properties, 2009: 35.51% See voting results.

Crane Group,
2007: 35.37%

Investa Property Group, 2006: 35.14% See voting results.

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

Silex Systems, 2011: 34%. See results. Second strike coming up in Sydney.

Asciano, 2008: 32.85% - excessive package and slack hurdles for CEO. See voting results.

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. See voting results.

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

Babcock & Brown Infrastructure
, 2009: 31.82% See voting results.

Centro Properties Group, 2008: 31.12%

UGL, 2011: 30% - concern about CEO getting dividends on unvested shares. See results.

Dexus Property Group, 2011: 28% against remuneration report so faced second strike in 2012.

Perpetual, 2011: 26.2% against remuneration report due to excessive board fees, use of underlying earnings and new CEO's sign-on fee. Second strike vote on Nov 1 at The Westin from 10am.