Nine Entertainment has been hit with a first strike on executive pay at its annual general meeting, as shareholders seized on the company’s cultural issues to admonish the board over executive pay. The media company, which owns the Nine Network, streaming platform Stan, radio stations 2GB and 3AW and news outlets The Sydney Morning Herald, The Age and The Australian Financial Review, said 37.4 per cent of proxy votes cast were against its remuneration report.
Andrew Lancaster, the board representative of billionaire Bruce Gordon, Nine’s major shareholder, had an 8.2 per cent vote against him. The company’s share price has fallen 45 per cent this year to $1.10. It has been grappling with the ongoing fallout from an independent workplace culture report that found one in two staff members had seen or experienced abuses of power, bullying, and discrimination. Nine is looking for a chief executive and two board members.
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