At the AGM held on October 21, 30 per cent of all votes cast were against adoption of the remuneration report.
Under corporations law, A shareholder strike or remuneration strike occurs when 25 per cent or more of the shareholders of a publicly listed company vote against the company’s annual remuneration report.
It’s not clear what aspects of the report attracted the protest, but the report includes pay details for the board and executive.
The 13-page report says the total director fees increased from $992,000 in 2025 to $1,260,000 this year and the chief executive’s total payments increased from $2,119,000 in 2025 to $3,321,000 this year.
Under the law, a first strike means the board must address shareholder concerns in the remuneration report for the following year.
Three other resolutions were also carried at the Bega meeting.
Executive chairman Barry Irvin said the company’s original vision to transform from a small co-operative with commodity-focused business to become a great Australian food company “is well on its way”.
“This year we have made some significant investments in our infrastructure, grown our milk pool with a seven per cent increase in supply, increased our sales to our customers in Australia and around the world and of course continue to develop our people, creating a great team that embraces all that we are trying to achieve,” Mr Irvin told the meeting.
He pointed to revenue growth of almost seven per cent, profit-after-tax growth of 36 per cent to $69 million, return on funds employed of 10 per cent.
In the annual report released on August 20, the company revealed a result of $54 million after-tax profit, compared to last year’s loss of $8 million, on revenue of $3.7 billion.
The improved result has been attributed to strong growth in yoghurt and milk-based drinks, increased demand for high-protein products, savings from the company’s exit from peanut processing and international revenue growth.
The milk processor expects further growth in international sales, particularly in south-east Asia, and expects further savings in the automation of Bega’s Laverton warehouse and the consolidation of cheese packaging in its home town, after the shift from Strathmerton.
Bega Cheese is the owner of Tatura Milk Industries.
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