iSelect’s Limited (ASX:ISU) first AGM has recorded a first-strike vote against its executive pay, according to media reports.

 

Shareholders were reportedly unhappy that while they received no dividends, iSelect paid bonuses and extra project-related pay to executives.

 

About 27.5 per cent of shareholders rejected the remuneration report at a vote held at the company’s AGM.

 

If 25 per cent or more of investors reject the report again next year, delivering a second strike, they may get a vote to oust the board under Australian corporate law.

 

The Australian Shareholders Association had urged shareholders reject the report because of what it said were too generous bonuses.

 

iSelect generated a net profit of $13.4 million in fiscal 2013.