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MacMahon receives "first strike" on pay

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PERTH, 9 November

November 09 2012, 2:44PM

MacMahon Holdings shareholders appear to have delivered a "first strike" against the company's remuneration report.

Proxy votes lodged at MacMahon's annual general meeting on Friday showed 43 per cent of shareholders voted against the report.

The company said 149 million shareholders had voted in favour of the report, while 116 million shareholders were against it, and three million abstained.

A quarter of shareholders are needed to vote against a company's remuneration report to register a "first strike".

If at least 25 per cent of shareholders vote against the company's remuneration report again in 2013, it could pave the way for a board spill.