Beacon Lighting shareholders register pay report protest

• Beacon Lighting shareholders cast an almost 21% protest vote against the remuneration report at the annual general meeting.
• The company share price moved following the meeting as governance scrutiny focused on founding family executive pay.
• Management reported six consecutive months of positive comparative sales growth driven by strong trade and referral demand.

Beacon Lighting (ASX:BLX) shareholders cast an almost 21% protest vote against the company remuneration report at the annual general meeting.

This voting result fell short of the 25% threshold required to trigger a formal first strike under corporate regulations.

More than 20% of proxy votes were also cast against granting performance rights to directors Glen Robinson and Prue Robinson.

Glen Robinson serves as CEO, and Prue Robinson serves as chief marketing officer as children of executive chairman Ian Robinson.

The executive chairman told the meeting that positive sales momentum from the prior quarter continued through the first three months of the new financial year.

The retailer stated that direct trade and referral sales continued to grow, while management plans to open five new stores during the year.

Following the announcement, the Beacon Lighting share price was unchanged at $1.76.