Transurban is likely to avoid a second strike against its pay report at its annual general meeting on Thursday after Australia’s biggest toll road group slashed executive bonuses and set tougher performance targets.

Transurban received its first-ever strike against its remuneration report (which happens when more than 25 per cent of votes cast are against a report) at its 2021 annual general meeting after investors protested against what some proxy advisers described as “excessive” bonuses.