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GrainCorp shareholders vote against remuneration report

25 Feb, 2010 11:15 AM
GRAINCORP has received a stinging rebuke from shareholders, who voted overwhelmingly against its remuneration report at its annual meeting in Sydney yesterday.

GrainCorp will review its remuneration practices after 63 per cent of proxy votes were cast against the report, The Australian Financial Review reports.

The meeting came a month after the sudden departure of chief executive Mark Irwin.

The protest vote against GrainCorp is one of the highest delivered since October, continuing a growing trend by shareholders to vent their frustration over rising executive salaries. Shareholders voted in favour of the report last year.

The meeting came a day after the chief executive of GrainCorp's malt business, Jim Anderson, resigned. GrainCorp reaffirmed its forecast for full-year earnings before interest, tax, depreciation and amortisation of between $180?million and $210?million.

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Date: Newest first | Oldest first
Nigel Hart, Kevin Lloyd, Neil Johns how the hell are all these guys earning around or over $700,000 per year for their small part in running an Australian domestic operation? This is not a big company and yet the board find it acceptable to pay their top 10 staff over $5 million per year.! This is more than 10% of the companies earnings in a typical year. Outrageous! Honestly if any of these men were to find themselves out of a job tomorrow they would probably struggle to find another one that would even pay them over the six figure mark. And as for Mark Irwin’s payout what another complete joke, the board gave this man a gentle push for not being suitable and this apparently entitles him to a further $750,000. This is almost in line with what they paid Tom Keane for an entire life’s work with the organisation. Wake up..!!
Posted by The greed needs to be stopped., 25/02/2010 2:46:52 PM
The old saying "Pay peanuts and get Monkeys". This case we pay in Caviare and get monkeys anyway. Under the current Board and the leadership of Don we will see no change as these men running the ship have no idea of what the company is for. Simply, it was set up to service farmers needs by PWA. Ron Greentree started the rot and Don and his high flying Board have continued his work. Especially their strong support in the destruction of the Growers orderly Export Wheat Marketing system and the removal of Growers from the Board. It appears the staff are Abandoning Ship and the rats are still on 'Board'!
Posted by Shareholder, 26/02/2010 5:03:13 AM

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Mark Irwin.
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