Woolworths gets first strike against executive pay

The news: Woolworths has been hit with its first strike ever against executive pay, as some investors raised concerns over the company's response to worker deaths and its position on Endeavour's leadership stoush.

The numbers: Proxy votes showed a 28.02% protest vote against the remuneration report, while 70.78% were in favour. A further strike at next year's AGM would lead to the board being spilled.

The context: The Australian reports some institutional investors were unhappy with the way the leadership dealt with recording the deaths of two Woolworths workers, despite cutting bonuses by 10%. Former Woollies chief Roger Corbett quizzed the board on its decision to vote against the election of Bill Wavish to the board of Dan Murphy's owner Endeavour, which has been declining in share price. WOW shares were trading 1.3% lower at 1:30pm AEDT, at $35.15.

What they said: “What are the circumstances, how much worse does it need to get than a 40% reduction in the (Endeavour) share price for Woolworths to use its 9% to protect its own investment, but alas sir, our investment?” Corbett reportedly asked the board at today's AGM.