Seven West Media facing remuneration strike after proxy vote
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The news: Seven West Media is on track for a strike against its remuneration report after more than 35% of proxy votes opposed the pay plans.
The numbers: A rally of proxy votes showed that 35.54% of votes were against the remuneration report, with 61.96% in favour.
Hosting its annual general meeting in Sydney this morning, the Kerry Stokes-controlled media group also saw a majority of proxy votes back the re-election of non-executive directors Teresa Dyson (88.65%) and Michael Ziegelaar (83.3%).
19.06% of proxies opposed the granting of performance rights to managing director and CEO Jeff Howard.
The context: The board has faced fierce criticism after it agreed an all-scrip merger with Southern Cross Austereo without offering shareholders the opportunity to vote on the move.
The strike comes after proxy adviser CGI Glass Lewis recommended shareholders vote against the remuneration report.
The source: Seven AGM
