New legislation on remuneration has seen the board of Pacific Brands put on notice by shareholders in the wake of significant 2010/11 losses.The legislation gives shareholders the right to call for a re-election of nonexecutive board members if 25 per cent of shareholders vote against a remuneration package two years in a row.Pacific Brands shareholders are understood to have rejected what they termed an excessive remuneration package for senior executives who failed to meet performance targets, with more than 50 per cent of shareholder votes cast against the passing of the Pacific Brands remuneration report for the 2010/11 financial year, at the company's annual general meeting. Pacific Brands remuneration report showed chief executive Sue Morphet and the company's other senior managers received short-term cash incentives despite performance targets at the clothing and linen producer not being met.
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