TechnologyOne has criticised recommendations to vote against the software provider’s remuneration report from proxy advisers as neglecting “real-world considerations”

CGI Glass Lewis and Ownership Matters have recommended shareholders vote against TechnologyOne’s remuneration report, which will be subject to a vote at the annual general meeting scheduled for February 23.

The proxy advisor reports took aim at TechnologyOne’s board for changing performance-based conditions set for some executive incentives, which would have otherwise not been met.

A third proxy advisory firm, ISS, recommended shareholders approve the remuneration report, according to the statement from TechnologyOne.

“TechnologyOne believes that the recommendation by the Proxy Advisors does not take into account the real-world considerations faced by the TechnologyOne Board, as outlined below,” the company said in an ASX announcement.

“Board discretion occurred to avoid unintended and unfair consequences that would have had a profound impact on executive motivation and retention.”