BOQ records first strike on pay and director protest vote

The news: Bank of Queensland shareholders have launched a first strike on pay against the board, following a year marred by executive exits, a profit warning and regulatory woes.

The numbers: More than 40% of shareholder votes rejected BOQ's remuneration report, eclipsing the 25% required for a first strike. Several proxy advisers had also warned against the re-election of director Bruce Carter, with more than 36% opposing the reappointment.

The context: BOQ posted a 70% drop in statutory profits this year, which the bank's leaders linked to restructuring costs and the integration of ME Bank. Its star chief executive was suddenly ousted in late 2022, and eventually replaced by former chair Patrick Allaway. BOQ also entered into two court-enforceable undertakings with APRA and AUSTRAC in May this year over its risk management and compliance with anti-money laundering and counter-terrorism financing laws.