Myer is facing a backlash from shareholders at this year’s annual general meeting over the board’s decision to pay millions of dollars to executives as profits went backwards.
Influential proxy adviser Ownership Matters has recommended shareholders vote against the adoption of Myer’s remuneration report because of the mismatch between executive pay and the company’s performance since its 2009 float.
Myer shares have fallen 77 percent since the IPO and earnings have halved, falling from AUD164 million in 2010 to AUD77 million in 2015. But Myer’s former chief executive, Bernie Brookes, collected AUD15 million in cash during the past five years, including an AUD1.55 million "kiss-off" just ahead of a profit warning earlier this year.
(Source: The Sydney Morning Herald Online )