<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Investors in the radio giant which aired </span><a href="https://www.9news.com.au/national/jackie-o-quits-radio-show-kyle-sandilands-what-is-next-for-arn-and-australia-media-landscape/4515c3d6-8f9a-4b7c-be68-a1463b1eb523" rel="" target="_blank" title="Kyle Sandilands and Jackie 'O' Henderson's now-defunct show"><span>Kyle Sandilands and Jackie 'O' Henderson's now-defunct show</span></a><span> have delivered an overwhelming backlash against the network's executive pay packets, as share prices plummet over the ugly legal fight between the former hosts.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>More than 90 per cent of ARN shareholders voted against the company's latest executive pay report at its annual general meeting (AGM) this morning.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That makes it the largest remuneration strike in recent Australian corporate history – bigger than the 83 per cent rejection Qantas received at the nadir of the airline's popularity in 2023, and the 88 per cent for NAB in 2018, in the wake of the banking royal commission.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES:</span></strong><span> </span><a href="https://www.9news.com.au/world/us-israel-iran-war-live-updates-may-7-donald-trump-latest-world-news-headlines/9dd6d311-7b77-4efc-942d-cda690dd3921" target="_blank"><strong><span>Trump signals end to war may be close</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/tabcorp-investigation-money-laundering/87331d1b-e45a-4717-b9b7-2a3e48b0d026" target="_blank"><strong><span>Tabcorp under investigation after money laundering, terrorism financing concerns</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ARN's remuneration report included a $1.1 million pay packet for relatively new chief executive Michael Stephenson.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The strike means it will need to deliver an amended remuneration report taking investor concerns into account.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/arn-agm-investor-strike-remuneration-report-kyle-sandilands-jackie-o-henderson/1465b43d-4275-4274-b953-c3eff971b8d2" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A second strike would occur if 25 per cent or more vote against the next executive pay report, which would force a vote on whether to spill the ARN board.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>During the meeting, ARN chair Hamish McLennan addressed the ongoing $170 million combined lawsuits filed by Henderson and Sandilands and assured investors that ARN is "committed to defending these claims and actively pursuing the cross-claims".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"As these matters are now before the courts, we do not intend to comment further," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>McLennan was re-elected as chair with an 80 per cent majority vote, despite earlier investor calls to resign over ARN's handling of the Sandilands and Henderson fallout.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He told the board he would be investing $500,000 into the company as a show of confidence.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/isis-linked-women-returning-to-australia-nsw-police-commissioner-mal-lanyon-speaks/ac725963-f7da-4435-ac7a-c711c47fa8f2" target="_blank"><strong><span>Police ready to stop 'breaches' when 'ISIS bride' arrives in Sydney</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Stephenson spoke before the AGM and addressed the network's decline in revenue and noted a $26 million dip in advertising dollars last year was mostly due to client concerns over "brand safety".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He said $22 million in advertising revenue was directly related to "clients who had chosen not to advertise with ARN because of issues relating to brand safety".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Over time, I expect that a significant percentage of the $26 million of revenue that was lost through the year because of brand safety concerns to return," Stephenson said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ARN is currently locked in a combined $170 million in courtroom showdowns its two former leading stars, Sandilands and Henderson.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Both Sandilands and Henderson are suing ARN following an on-air spat that blew up their top-rated show in early March.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The pair are both seeking the full payout of the remainder of their 10-year, $100 million contracts signed at the end of 2023.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The contracts were due to expire in 2034.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google 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