November 30, 2018 / 1:46 AM / 17 days ago

CORRECTED-Shareholders of Australia's Myer vote down executive pay plan

(Corrects last paragraph to show 63.3 pct of shareholders voted against a special meeting, not for)

SYDNEY, Nov 30 (Reuters) - Shareholders of Australian department store operator Myer Holdings Ltd voted against the company’s executive pay proposals for a second year in a row on Friday, according to proxy votes disclosed at its annual general meeting.

Under Australian law, companies must give shareholders the option to replace the board if the pay proposals are rejected two years running. A vote against the remuneration report needs just 25 percent to succeed.

Owners of 37.5 percent of the company voted against the company’s remuneration report, while 63.3 percent voted against a special meeting to vote on whether the board should be removed, according to the proxies shown at the meeting. (Reporting by Byron Kaye; Editing by Muralikumar Anantharaman)

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