Protective clothing and condom maker Ansell has taken a first strike from shareholders over its executive pay at its annual general meeting.
The Australian reports that the vote reflected investor anger at the company’s disappointing start to the financial year and a 35 per cent drop in its share value.
Over a third of investors voted against adopting the company’s remuneration report and against the awarding of options to CEO Magnus Nicolin.
According to AAP, Ansell’s earnings were affected by the strengthening of the US dollar. The increase has had a negative impact on sales revenues and also increased costs.
Nicolin told the meeting that the results in North America have been exacerbated by the economic and political problems in Europe, including the Syrian refugee crisis.
"We have seen an overall one per cent decline in our sales in the first quarter compared to the first quarter of last year," he said.
Questioned about the first strike, chairman Glenn Barnes told the Australian, “Some shareholders were upset because they hadn’t picked up on the (impact) of the currency headwinds and they were concerned about the fiscal 2016 result, and sometimes you get a protest vote on the remuneration report because it’s a way shareholders seek to make the most effective point to the company.”