Takeover target Arrium Limited
(ASX:ARI) has narrowly passed its remuneration report at its annual meeting in Melbourne yesterday.
A 20 per cent no vote against its remuneration package was posted but still below the first strike threshold of 25 per cent.
Some shareholders criticised the board and management as executive salaries lifted over the year despite annual profits sliding 75 per cent and its share price diving more than 50 per cent over the last six months.
Arrium also announced CEO Geoff Plummer would leave the company next year, with a replacement to be appointed around June.
Arrium booked a net profit of $63.6 million in the 2012 financial year.
