The West Australian focused on the votes against the renuneration report :
I don’t know why they described it as a “first strike “ seeing as the story acknowledges the vote was “despite NRW yesterday forecasting a doubling of earnings for the first half, tipping EBIT of about $45 million for the six-month period, up 100 per cent.”
Plus being on track to meet annual guidance of $1.1 billion.
Institutional shenanigans? But which one and why?
..and so much for my theory everyone is in there supporting each other through difficult times :/
NRW Holdings cops huge first strike over pay rise, bonuses
Peter WilliamsThe West Australian
Wednesday, 21 November 2018 10:35AM
NRW Holdings has copped a huge first strike against executive pay at its annual meeting, with investors angered by a pay rise for managing director Jules Pemberton and the return of the company’s long-term incentive scheme.
Nearly 50 per cent of the 212 million shareholder proxy votes were cast against the civil and mining contractor’s remuneration report at this morning’s meeting.
Shareholders objected to a rise in Mr Pemberton’s base salary last financial year from $830,000 to $950,000.
They also queried the return of a long-term incentive scheme, which had been suspended for several years.
Chairman Michael Arnett told the meeting Mr Pemberton’s salary was still lower than the $1.1 million base salary he had received several years ago and reminded shareholders they had agreed to reinstate the incentive scheme at last year’s AGM.
The first strike comes despite NRW yesterday forecasting a doubling of earnings for the first half, tipping EBIT of about $45 million for the six-month period, up 100 per cent.
The company said revenue was expected to increase 45 per cent to about $500 million.
Managing director Jules Pemberton said it was on track to meet annual guidance of $1.1 billion, despite some poor weather in Queensland during October.
NRW forecast about $70 million earnings before interest, tax, depreciation and amortisation, up from $40 million a year earlier.
NRW shares were down 11¢, or 5.6 per cent, to $1.84 at 10.50am in a weaker Australian market.
https://thewest.com.au/business/con...liver-first-pay-strike-for-nrw-ng-b881026951z
(20min delay)