BREAKING News: Gerry Harvey Avoids Strike Motion Over Executive Salary Packages
The spill motion that was proposed by the Australian Shareholders Association was dismissed when approximately 94.6 per cent of shareholders voted in favour of the remuneration report and 5.36 per cent voted against it.
Executive chairman Gerry Harvey, his wife, managing director Katie Page, Directors David Ackery and John Slack Smith and other key management personnel on the board were not entitled to vote their shares.
Mr Harvey dismissed the ASA’s concerns, saying Harvey Norman did not pay directors or executives too much and directors needed to have “skin in the game”.
“A lot of (under performing) retailers are not run by people who have skin in the game … they have had a lot of independent directors on the board, ” Mr Harvey told shareholders.
Shareholders concerned about the lack of independent directors were being “fooled by experts who had never run a retailer in the lives,” he said.
Mr Harvey said pre-tax earnings had risen 27.8 per cent in the first quarter of 2016, which compared with a 26 per cent increase in the year-earlier period.