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Westfield Group (ASX:WDC) is confident its shareholders will approve its executive pay packets at its annual general meeting this week, despite opposition from the Australian Shareholders' Association, according to media reports.
The ASA is reportedly pushing for a reduction in the amount paid to the group's executive team including joint chief executives Steven and Peter Lowy.
While the ASA says it has some minor shareholders' support, the vote will ultimately be decided by Westfield's two largest shareholders after the Lowy family - funds manager BlackRock and Vanguard Investments Australia.
A Westfield spokesperson told media the company has the backing of the overwhelming majority of retail and institutional shareholders.
Westfield generated a net profit of $1.7 billion for its 2012 financial year.
Westfield Group (ASX:WDC) is confident its shareholders will approve its executive pay packets at its annual general meeting this week, despite opposition from the Australian Shareholders' Association, according to media reports.
The ASA is reportedly pushing for a reduction in the amount paid to the group's executive team including joint chief executives Steven and Peter Lowy.
While the ASA says it has some minor shareholders' support, the vote will ultimately be decided by Westfield's two largest shareholders after the Lowy family - funds manager BlackRock and Vanguard Investments Australia.
A Westfield spokesperson told media the company has the backing of the overwhelming majority of retail and institutional shareholders.
Westfield generated a net profit of $1.7 billion for its 2012 financial year.
