Elders (ASX:ELD) shareholders rejected a pay raise for Chief Executive Mark Allison at their annual general meeting Thursday, triggering a second strike against the company's remuneration report.

A company filing with the Australian Securities Exchange revealed that nearly 68% of shareholders voted against the report. This follows a first strike in December 2023, also rejecting the report. Under the ASX's rules, a vote of 25% or more against a remuneration report for two consecutive annual general meetings will constitute what is called a second strike, which will then trigger a spill resolution.

Shareholders turned down the spill resolution in a vote that was also held at the AGM Thursday. Approval of the spill resolution would have required non-executive directors to face re-election at a special "spill meeting."

Allison continued in his role as managing director and chief executive after agreeing to cancel his retirement last year.

Elders' shares were down nearly 2% in recent Thursday trade.

Price (AUD): $7.10, Change: $-0.13, Percent Change: -1.73%