TPG avoided a second strike and the threat of a board spill after a large majority of shareholders voted in favour of its remuneration report.
Nearly 94 per cent of votes were cast in favour of the report, which was up for approval at its annual general meeting on Wednesday.
Shareholders delivered a first strike against TPG last year and the Australian Shareholders’ Association had said it would vote for a board spill this year in an attempt to force the company to introduce new blood.
A representative from the organisation criticised the company for being just one of two on the ASX100 to have an all-male board.
He told the AGM there had been “very little refreshment” since the addition of Shane Teoh, the son of executive chairman David Teoh, in 2012.
“We believe that board renewal provides a company with some fresh ideas that avoids a groupthink, and it also enables a board to jettison failed concepts,” the ASA representative said.
But David Teoh made no reference to the planned protest from ASA in his opening address to the meeting, instead hailing the planned merger with mobile giant Vodafone Australia and the company’s long-term growth strategies.
“We delivered a 10th consecutive year of underlying revenue, EBITDA and NPAT growth,” he said.
“Your board is immensely proud of what our group has achieved over the past decade as we have firmly established TPG as a leading challenger telecommunications company with the second largest fixed broadband customer base in Australia.”
The re-election of directors Shane Teoh and Robert Millner was also approved by voting shareholders.