Linc Energy Limited
(ASX:LNC) has been hit with its second strike against executive pay but avoided a board spill.
Under recently changed laws shareholders can demand directors go up for election if more than 25 per cent vote against the remuneration report for two straight years.
Speaking at the energy company’s annual general meeting yesterday Chairman Ken Dark vowed to address shareholder concerns.
In the last 2012 financial year 13 of Linc’s executives were paid $9.5 million, compared to 10 executives being paid $9 million the year before.
In the same period Linc Energy booked a net loss of $61.9 million in the 2012 financial year, swinging from a net profit of $296 million the year before.
