Whitehaven Coal suffered a strike against its executive pay regime when more than 40 per cent of shares were voted against the miner’s remuneration report at its annual meeting in Sydney on Thursday.
The vote means Mark Vaile, Whitehaven’s chairman, and the rest of the board face a spill motion next year if a second strike is dealt. A strike requires 25 per cent of votes to be cast against the executive pay scheme.
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Aaron Patrick was a senior correspondent at The Australian Financial Review.
Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com