Tabcorp investors have overwhelmingly approved incentive plans for Chief Executive Officer Gillon McLachlan, despite objections from the Australian Shareholders’ Association (ASA). The ASA had announced it would vote against both the remuneration report resolution and the grant of long-term incentive options for McLachlan, citing concerns over potentially excessive payouts.
Despite the ASA’s opposition, more than 96 per cent of shareholders voted in favour of McLachlan’s long-term options, while 99 per cent supported the remuneration report. McLachlan, who joined Tabcorp earlier this year, had a base salary of $1.5 million and received a bonus of $1.65 million in the most recent financial year. If his long-term options fully vest in 2027, he could potentially earn over $16 million. Tabcorp is a gambling entertainment company focused on wagering, media, and integrity services.
Tabcorp Chairman Brett Chenoweth, who was also re-elected, praised McLachlan for injecting new energy into the wagering giant. Chenoweth stated that McLachlan has improved accountability, rebuilt confidence throughout the organisation, and delivered on his commitments since taking on the role.
As of the latest trading update, Tabcorp shares remain steady at $1.06.
