CSL share price plummets amid shareholder revolt over executive pay plans | CLS
The Australian biotech company CSL has been delivered a “second strike” by shareholders over its executive pay plans, but has survived a push to spill its board.
Amid frustration over its depressed share price, which fell even further on Tuesday, the blood plasma therapy firm saw more than 40% of votes cast against its executive pay plans at its annual general meeting in Melbourne on Tuesday.
The result was well above the 25% threshold required to trigger a “strike”, the company’s second in a row.
Despite hitting the two-strikes trigger – which opened the door for a board spill resolution – shareholders voted overwhelmingly against removing the board of the former commonwealth entity –.
“We passed that hurdle,” said the…
