Southern Cross hit over executive pay

SOUTHERN Cross Media's shareholders have delivered a first strike against the broadcaster for its executive pay policy.

Just over 30 per cent of shareholders voted against the company's remuneration policy at its annual general meeting on Tuesday.

A first strike occurs when more than a quarter of shareholders vote against the remuneration.

If a similar result occurs at next year's meeting, the company faces a spill of several board positions.

Chief executive Rhys Holleran's total pay in the 2012/13 financial year rose by more than $350,000 to $1.66 million.

The company's profit in that time rose slightly to $96 million, despite a 6.5 per cent fall in sales revenue during the year.

But the total amount paid to senior executives in 2012/13 was lower than the previous year.

Southern Cross owns the Today and Triple M radio networks, and a regional TV network.

Radio revenues and market share fell during the year due to scandals involving 2DayFM presenter Kyle Sandilands and a prank call that took in a British nurse, who later committed suicide.

TV revenues were down nearly 13 per cent, mostly due to the weak performance of Southern Cross' affiliate Ten Network.

Mr Holleran told Tuesday's meeting that radio revenues had improved in the three months to September, compared to a year ago, though television revenues remained flat.

The company is also hoping an increase in consumer sentiment will provide a boost to the retail sector, which should flow into higher advertising revenues.

"There presently seems to be more positivity surrounding consumer sentiment and when that will translate in to the broader retail economy," Mr Holleran said.

"Whilst forever hopeful, we are yet to see this positivity translate into our business activity."

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