Pacific Brands avoided a “second strike” vote and a board spill, but provided investors with little positive news at its AGM.
CEO John Pollaers told the meeting that the conditions since last year – in which the group suffered $450 million in losses – had not improved.
“Trading remains volatile, with September down but October month-to-date in line with last year,” the Sydney Morning Herald reports him as saying.
The remuneration report was strongly supported, ending the chance of a board spill for Pacific.Pollaers, who has been in the role since August, gave a wait-and-see comment on the issue of future write-downs or restructuring, but said prior restructuring had left Pacific better off.
“My sense is the company is in much better shape as a consequence of the decisions that it's taken over the last five years.”
Results of the AGM can be found here.