Almost 35 per cent of shareholders voted against the wagering giant’s remuneration plan, arguing it did not match the company’s size and performance since demerging from The Lottery Corporation.
Wagering stalwart Tabcorp has suffered its first protest vote since 2018, after almost 35 per cent of shareholders voted against its remuneration report following critiques from three proxy advisers who have argued the businesses executives are paid too much.
“In determining remuneration outcomes for the year, the board has sought to balance financial and non-financial performance,” Akhurst said. His pay is set at $493,300 for 2023 with non-executive directors at $160,000. Rytenskild is also eligible for a short-term bonus of between $1.5 million and $2.3 million. The board awarded him $1.14 millionTabcorp told the market this month its revenue had declined by more than 6 per cent in the first quarter of 2024, citing weakened trading conditions. The group’s share price has since fallen by 16 per cent and closed at 82¢ on Wednesday.
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