WiseTech Global is likely to receive a first strike against its executive pay plans after nearly half of the votes cast at its annual general meeting (AGM) opposed its remuneration report. During the AGM on Friday, 49.46 per cent of votes were registered against the report, exceeding the 25 per cent threshold required for a strike. A second strike next year would trigger a vote on a potential board spill. WiseTech Global is a logistics software company that provides solutions for the global supply chain. It focuses on designing, developing, and providing software solutions to the logistics execution industry globally.
The AGM also saw an emotional moment when CEO Richard White paused to hold back tears during his opening remarks. He expressed gratitude to the WiseTech team, customers, partners, and shareholders. White conveyed his deep passion for the company.
Despite the significant vote against the remuneration report, shares in WiseTech reversed an earlier intraday fall to rise by 4.4 per cent. The company now faces the challenge of addressing shareholder concerns regarding executive compensation to avoid a second strike at next year’s AGM.
