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Fairfax Media Limited (ASX:FXJ) says it is on track to deliver previously flagged cost savings in fiscal 2014 and has avoided a potential board spill, with shareholders approving the company's executive pay policy.
More than 97 per cent of shareholder votes lodged at the AGM were in favour of Fairfax's latest executive remuneration report.
Major shareholder Gina Rinehart opposed the company's remuneration report in 2012, contributing to a first strike against Fairfax.
A vote of more than 25 per cent against the report at two consecutive annual meetings, or two strikes, has the potential under new corporate laws to cause a board spill.
But Ms Rinehart abstained from the vote on remuneration at the meeting.
Fairfax booked a net loss of $971,000 in fiscal 2013.
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