Lendlease Group Hit With First Strike After $232 Million Loss

Published on November 18, 2023

Lendlease has become the latest Australian company to receive a first strike on executive pay as shareholders make their dissatisfaction with subpar performance clear. Just 60.2 percent of shareholder votes on Nov. 17 were cast in favour of its renumeration report on executive pay, short of the 75 percent supermajority required to avoid a first strike.  There’s no immediate impact, but if Lendlease receives a second strike next year, shareholders will also automatically vote on a board spill motion that would force every board member to stand for re-election. Other companies that have received first strikes this AGM season include Qantas, Woolworths, Whitehaven Coal, Magellan Financial, Tabcorp, Treasury Wine Estates and APA Group, with AMP and Atlas Arteria also hit with their own first strikes earlier in the year....

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