HVN 0.68% $2.97 harvey norman holdings limited

News: HVN Australia's Harvey Norman pay plan rejected, but board survives

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    MELBOURNE, Nov 27 (Reuters) - Shareholders voted against the executive pay plan for Australia's biggest electronics retailer, Harvey Norman Holdings Ltd (HVN) , for a second year running on Wednesday, however they did not back a push to dump the board.

    About 48% of the votes cast at the group's annual meeting were against the remuneration plan proposed for Chief Executive Katie Page and other executive directors, according to the count in a company statement.

    Page's husband, Gerry Harvey, is the founder and chairman of the company.

    Under Australian corporate rules, if more than a quarter of shareholders vote against a pay proposal two years in a row, another vote is instantly held to call a meeting to replace the board.

    While rejecting the pay plan, Harvey Norman investors overwhelmingly opposed the call for a meeting to replace the board.

    The outcome defied recommendations from the Australian Shareholders Association, the Australian Council of Superannuation Investors and proxy adviser Ownership Matters calling for a vote to appoint independent directors.

    Harvey Norman shares fell 1.2% in a broader market (xjo) that rose 0.9 percent.

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