Alesco Corporation Limited (ASX:ALS) could be the first company to register a "strike" against its board under new laws, according to the Australian Financial Review.
The building material manufacturer’s shareholders will meet this Wednesday and vote on executive pay, following a recent steep decline in the company’s share price.
Under the new laws shareholders have the power to get rid of their board after two “strikes”, meaning that more than 25 per cent of shareholders vote against the company’s remuneration reports.
The AFR suggests that Telstra Corporation Limited (ASX:TLS), Qantas Airways Limited (ASX:QAN) and Billabong International Limited (ASX:BBG) could face a similar backlash from its shareholders.
In the 2011 financial year Alesco Corporation reported a net profit of $14.7 million.
