SEVERAL major listed company boards are bracing for a backlash against their remuneration reports at coming annual general meetings.
This comes as investors demand a stronger link between pay and performance.
The Australian Shareholders Association and the Australian Council of Superannuation Investors are preparing to vote against a number of remuneration reports, putting pressure on some companies to review their executive pay plans, reported The Australian.
Institutional investors are also believed to be getting ready to vote against some reports.
About 60 per cent of shares are now being voted at annual general meetings, compared with half that number a decade ago, which is leading to an increasing tally of "no" votes against remuneration reports.