Treasury Wines gets first strike over executive pay

The news: Shareholders in Penfolds owner Treasury Wines have lodged a 46% protest vote against executive bonuses, which were approved despite the company missing financial targets. The board stood by its decision, claiming upper management could not have foreseen China's decision to slap tariffs on Australian wine.

The numbers: The share-based incentives are thought to be worth roughly $2.5 million for chief executive Tim Ford and around $1 million for chief financial officer Matt Young and chief strategy officer Stuart Boxer, the West Australian reports. Treasury Wine shares were trading 1.2% higher at $11.58 at 1:30pm AEDT as the group eyes an easing of tariffs amid thawing trade relationships.

The context: Australian wine exports to China were worth roughly $1.3 billion annually before the tariffs were implemented in 2021. Declining budget wine sales have led Treasury to close a number of bulk wineries as it focuses on premium sales, which have remained strong.