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centro directors face ire...

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    Centro directors face ire
    Eli Greenblat
    October 29, 2008

    CENTRO could face a mass revolt from shareholders when the troubled property company holds its annual meeting next month, as investors hear the latest about its financial state and are asked to approve a maximum remuneration package for non-executive directors of $1.5 million.

    Centro Retail Group released the details yesterday of its AGM, to be held on November 27, and said the remuneration deal was necessary after the separation from Centro Properties Group.

    "The availability of these fees is necessary in order to attract qualified candidates to the board," the notice of meeting said.

    The AGM is expected to be a fiery one, and will be the first opportunity for shareholders to confront the board over Centro's fall from grace last year when it disclosed it faced a multibillion-dollar funding black hole.

    Shareholders have become more irate over executive pay recently and have stacked up impressive victories at AGMs.

    Building materials company Boral last week recorded the second-biggest "no" vote for a top 100 company when 58% of shares were voted against the remuneration report.

    About 43% of shares were voted against the report of paper merchant PaperlinX while Asciano boss Mark Rowsthorn gave up a $750,000 short-term payment in the face of disgruntled shareholders.


    Cheers, Pie :)
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