Fortescue's shareholders vote against remuneration report
Former CEO Elizabeth Gaines received a special remuneration payment of A$1.98-billion.
MELBOURNE - Australia's Fortescue said shareholders did not approve its annual remuneration report, partly due to special payments to executives last year, in a vote at an annual meeting on Tuesday.
The board of the iron-ore and green energy company had approved special remuneration payments of A$1.98-million to former CEO Elizabeth Gaines, who took up an executive director position, and A$1-million to CFO Ian Wells, who left in January.
The payments were for their respective "significant and transformative achievements during their time with Fortescue," the company said in its annual report.
"Based on the votes received to date on this resolution, Fortescue will receive a first strike for the FY 2023 remuneration report," said remuneration committee chair Penny Bingham-Hall.
"We acknowledge this feedback, particularly in relation to the special one-off payments made in the last financial year."
Proxies CGI Glass Lewis and ISS had recommended shareholders vote against the resolution because money spent on retiring executives did not directly benefit shareholders, the Australian Financial Review said this month.
Executive chairman Andrew Forrest, Bingham-Hall and lead independent director Mark Barnaba were all voted back on to the board, although Barnaba is due to transition to another board role next year.
Fortescue has seen a string of top management departures, with at least eight in the past two years.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
