Shareholders reject NRW’s exec pay

The West Australian reported yesterday that the ASA had recommended its members vote against the report in protest at NRW’s use of limited recourse loans to employees to allow them to buy company shares.Of the 20% of the company that voted at the annual meeting, 58.8 million shares were cast against the report and 52.2 million were cast in favour of the report. According to the West, director and executive pays for the year totalled $7.8 million, a $1 million increase on the previous year. Chief executive Jeffrey McGlinn reportedly took home $2.06 million in the past year and is the highest paid board member. NRW shares closed down 6c at $1.79 yesterday.

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