The first test of the government’s two-strikes legislation designed to curb excessive executive pay will take place in just over two weeks. Adelaide-based sodium bicarbonate manufacturer Penrice Soda Holdings has the dubious distinction of being the first company to face a board spill under the controversial laws.

D-Day is January 25, when shareholders get to decide whether to re-elect chairman David Trebeck and his deputy, Andrew Fletcher, or install three new directors put forward by disgruntled shareholder London City Equities.