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.