iSelect records first strike

Company News

iSelect’s Limited (ASX:ISU) first AGM has recorded a first-strike vote against its executive pay, according to media reports.
 
Shareholders were reportedly unhappy that while they received no dividends, iSelect paid bonuses and extra project-related pay to executives.
 
About 27.5 per cent of shareholders rejected the remuneration report at a vote held at the company’s AGM.
 
If 25 per cent or more of investors reject the report again next year, delivering a second strike, they may get a vote to oust the board under Australian corporate law.
 
The Australian Shareholders Association had urged shareholders reject the report because of what it said were too generous bonuses.
 
iSelect generated a net profit of $13.4 million in fiscal 2013.

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