Vote blow for iSelect chiefs
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At its first annual meeting since it was floated in June, about 28 per cent of votes were cast against its remuneration report.
If a company receives two strikes - a vote of 25 per cent or more against its executive-pay report two years in a row - a vote on a board spill is triggered.
The Australian Shareholders Association urged a vote against the report because it believed its short-term bonuses were too generous, while its long-term incentives covered too short a period. The ASA also did not support iSelect's non-recourse loans, which it said protected "executives from downside risk at the expense of the company".
Almost 11 per cent of votes were also cast against the re-election of Leslie Webb as a director.
iSelect's shares have never traded above their issue price of $1.85. On Monday they closed at $1.20.
Founder and executive chairman Damien Waller told shareholders: "The important thing to bear in mind is that our performance on the stock exchange isn't the result of something fundamentally wrong with the business."