Westfield owner Scentre (ASX:SCG) hit by investors against executive pay

Owner and manager of Westfield shopping centres Scentre (ASX:SCG) told investors at its annual general manager meeting that the group’s recovery over the second half of 2020 has continued into the first quarter of 2021.

Shareholders lodged a ‘first strike’ with 51 per cent voting against adoption of the remuneration report for Chief Executive Officer Peter Allen and Chief Financial Officer Elliott Rusanow. However, investors approved the issue of performance rights to Mr Allen. Guy Russo, Margaret Seale and Carolyn Kay were re-elected to the board.

Brian Schwartz, the Chairman of Scentre addressed the virtual AGM regarding executive renumeration.

“There has been a very substantial reduction in earnings for our team. The fixed remuneration for senior management and base board fees were reduced by 20 per cent at the height of the pandemic and remained at that reduced level for three months.”

“The fixed remuneration for senior management and base Board fees were reduced by 20 per cent at the height of the pandemic and remained at that reduced level for three months. No increases were given to management, in fact, our CEO has not had an increase since taking on the role in 2014.”

“We did not seek or receive funds from the Australian or New Zealand government including under its JobKeeper scheme”.

Chief executive Peter Allen confirmed that “42 Westfield Living Centres remained open, safe and trading during the year despite these restrictions” with “more than 450 million customer visits across its portfolio, including an average of 46 million per month for the last quarter”.

He noted that, despite 2021 Covid-19 uncertainty, “subject to no material change in conditions, the Group expects to distribute at least 14.00 cents per security for 2021.”

Shares in Scentre (ASX:SCG) are trading 0.52 per cent higher at $2.91.
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Source: Finance News Network