October 25, 2023 3 min read


Shareholders Disagree With Tabcorp’s Remuneration Plan

At its latest annual general meeting, the company's shareholders disagreed with a proposed remuneration plan for its senior-level management

The remuneration of Tabcorp’s executive sparked a debate at the company’s recent annual general meeting (AGM) that took place Wednesday, ultimately resulting in a dip of 4% in its stocks. More than one third of the company’s shareholders, or some 34%, disagreed with a proposed remuneration plan for Tabcorp’s senior-level members.

The latest announcement comes after multiple proxy advisory firms, organizations that recommend shareholders how to vote for strategic matters, suggested Tabcorp’s shareholders vote against the proposed remunerations for the company’s directors and CEO earlier this month. Three such firms, namely the Australian Shareholders’ Association, Ownership Matters and the Institutional Shareholder Service shared this opinion.

Now, in light of the latest decision against the proposed compensation packages, a strike has been recorded. This is a method that requires at least 25% of the shareholders’ votes. If the company receives another strike, it will be required to remove its board.

The Company Remains Focused On Growth

At the latest AGM, Tabcorp’s chairman, Bruce Akhurst, defended the proposed remuneration plan. He spoke about the company’s Long Term Incentive plan that aligns with the company’s TAB25 strategy, seeking to expand its betting market share to approximately 30% in Australia. According to Akhurst, if the company meets the set targets and plan, it would benefit from “material growth and value for shareholders.”

Additionally, Akhurst added: “We see it as very important that management incentives completely align to our strategy and end objective of growing shareholder value.” He continued saying that Tabcorp wants to ensure it achieves its shareholder goals supported by seasoned executives and added that the company is already on the right path.

To achieve our shareholder goals, we prefer to have a first-class team of experienced executives, who are fewer in number so our cost objectives are achieved, whist having great talent working for us on the Tabcorp transformation and TAB25 goals.

Bruce Akhurst, chairman at Tabcorp

Speaking about the FY23 results, Akhurst said that they represented the first successful year within the three-year transformation plan for TAB25. Labeling the first year as the “foundation,” he said that the company introduced better policies, products and services, positioning itself well for further growth.

For the fiscal year 2023, Tabcorp’s CEO, Adam Rytenskild, benefitted from salary as well as a cash bonus that was approximately AU$2.07 million ($1.3 million). Moreover, the CEO benefits from a short-term incentive that can be between AU$1.5 million ($950,200) and AU$2.3 million ($1.5 million). In contrast, remuneration for non-executive directors is some AU$160,000 ($101,400) annually while Tabcorp’s chairman, Akhurst receives AU$493,300 ($312,400) a year.


Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.

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