Call for Whitehaven investor revolt on pay, carbon | afr.com

Whitehaven Coal is facing an investor revolt at its annual meeting on Thursday after an influential proxy adviser urged shareholders to vote against the proposed remuneration for the booming miners’ chief executive.

CGI Glass Lewis called for shareholders to reject the miner’s remuneration report, the equity grant to chief executive Paul Flynn and in favour of a rebel shareholder motion on climate disclosure.

Aspects of Whitehaven’s remuneration structure were described as poor, opaque, inconsistent and insufficiently challenging by the proxy adviser. The firm also flagged it would likely vote against Whitehaven chairman and former deputy prime minister Mark Vaile when he next seeks re-election unless he reduces his workload at other companies like Virgin Australia, Servcorp and Singapore-listed Stamford Land Corp.

Source: Call for Whitehaven investor revolt on pay, carbon | afr.com

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