Dexus Property Group has received its first strike against its executive remuneration report, becoming the first property group to face a board spill under the new corporate governance laws.

 

The company will now be required to adjust its remuneration report before approaching the company’s stakeholders with an adjusted report.

 

Chris Bearne, Dexus’s chairman, told the AGM that he was worried about dissent in the face of an otherwise successful year.

 

''We have spoken to proxy advisers and a number of our investors to try to understand their recent concerns,'' Mr Bearne said.

 

“After the AGM season we commit to consult more deeply, then undertake a comprehensive review of our executive remuneration framework.”