Fortescue will proceed with its first three projects under the iron ore group’s ambitious plans to become a major force in hydrogen and renewable energy, committing to investments worth $US750 million ($1.14 billion) in Australia and the United States.

The board was dealt a first strike over executive pay at its annual meeting in Perth on Tuesday, incurring a 52 per cent vote against its remuneration report, including rewarding retiring executives with millions of dollars in bonuses.