Simonds Group has clashed with its largest external shareholder – and rival builder – NEX Building Group after the Newcastle-based firm torpedoed both the remuneration report and a bid to boost the pay of executive chairman Rhett Simonds at the group’s annual meeting.

Both companies were civil after Wednesday’s shareholder meeting, but the public falling-out over a push to add $600,000 in long-term performance rights to Mr Simonds’ base pay of $750,000 sets the scene for two of the biggest builders to compete head-to-head as the lacklustre Victorian market improves.