Shareholders of investment management giant Perpetual have delivered the board a major rebuke, with more than 88 per cent of votes cast against the management remuneration plan.
Perpetual chairman Tony D’Aloisio told investors the board was “humbled by the vote” but said controversial retention payments made to key staff were in the best interest of shareholders.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
