Perpetual faces remuneration strike as second proxy advisor revolts
Perpetual shareholders look primed to deliver a strike as Ownership Matters urges them to reject executive pay, citing governance and performance issues.
Governance advisory firm Ownership Matters has urged institutional shareholders to reject Perpetual’s remuneration report, making it the second influential proxy adviser to go against the board ahead of its AGM.
In a 25-page note to clients, obtained by Capital Brief, the firm raised a series of governance concerns, focusing on issues such as accounting, executive pay and board oversight.
"Shareholders should vote against the remuneration report (item 1) because the variable incentive outcome for the departed CEO [Rob Adams] does not appear to reflect PPT’s performance and the shareholder experience for FY24," Ownership Matters said.
The proxy raised eyebrows at the termination payments agreed for Adams, who was replaced by Bernard Reilly this month. Adams is set to receive a $471,000 redundancy payment, in addition to a $1.4 million incentive bonus for FY24.
