APA Group chairman Michael Fraser has voiced confidence the board will avoid a second strike next year after shareholders mounted a strong protest vote against the utility’s remuneration report on the belief that performance targets were too weak.

Almost 26 per cent of shareholders voted against the gas pipeline owner’s remuneration report – just above the 25 per cent threshold that constitutes a first strike – at its annual general meeting where Mr Fraser also forcefully called for more “realistic” energy policies to avoid blackouts and higher prices for consumers.