The a2 Milk Company has sought to address investor concerns over remuneration ahead of next month’s annual meeting, with the infant formula player committing to revise the chief executive’s incentive plans for the 2023 financial year.

The board led by David Hearn is reviewing the company’s remuneration practices after receiving a major rebuke from investors at last year’s meeting. He was forced to defend the payment of bonuses to executives after the baby formula and fresh milk maker’s share price halved over the previous 12 months.