Bega Group records strike on executive pay report

• Bega Group shareholders registered a 31.4% protest vote against the company remuneration report during the annual general meeting.
• The company share price moved following the shareholder meeting and related disclosures.
• The business intends to evaluate feedback from investors as part of its ongoing corporate governance strategy.

Bega Cheese (ASX:BGA) encountered a shareholder protest vote after proxy results showed 31.4% of votes opposing the company remuneration report.

The opposing vote exceeded the 25% regulatory threshold required to trigger a first strike under Australian corporate regulations.

“We will take feedback into account as we move forward," said Bega Cheese Executive Chairman Barry Irvin.

Deputy chairman Peter Margin also faced an 11% protest vote during his re-election to the board, though he stated an intention to complete his full term.

Following the announcement the Bega Cheese share price was down at $6.30.

The dairy and food processing company manages major Australian consumer brands, including Vegemite, Farmers Union, and Dairy Farmers.

The corporate group continues to implement multi-year efficiency programmes and supply chain rationalisations across its manufacturing network.