Avita Medical Limited
(ASX:AVH) says it will reform its executive pay policy after shareholders rejected its remuneration report, earning the company a first strike.
Media reports say 75 per cent of votes went against the company’s remuneration report at its annual general meeting.
A second strike could trigger a spill of the company's board.
Avita Medical's two biggest shareholders, Australian Ethical Investment and Bioscience Managers, have been opposed to cash bonuses earned by Avita's chief executive, Bill Dolphin.
Avita Medical chairman Dalton Gooding told the meeting he would step down before next year's annual meeting.
Avita Medical posted a net loss of $8 million in fiscal 2013.
