Myer shareholders gathered for the department store's annual general meeting on Friday.
The meeting followed a long-running campaign to topple the board by majority shareholder Solomon Lew.
Here are the four key takeaways.
1. Myer shareholders deliver "second strike" on pay
More than 37% of proxy votes were cast against the department store's remuneration report, well over the 25% needed to a second strike. Myer shareholders made it clear they were unhappy with the current level of executive pay. The second strike flared a tense showdown to lead a subsequent vote on a board spill.
2. The board survived
Depsite what Myer chairman Garry Hounsell described as a "very vindictive" campaign to topple the board by majority shareholder Solomon Lew, they survived. Some 63 per cent of proxies opposed a spill motion. "We're of no doubt that this result reflects broader issues. As always, we will consult with shareholders on changes and improvements we can make this year," Hounsell said.
3. Cuts on the horizon
Driving down costs was a core strategy discussed by the Myer executive team, including rationalising 20 to 30 locations in the next five years and shrinking non-performing categories. While profitable ventures such as footwear and accessories would be expanded, cost cuts also included withdrawing from the Melbourne Cup and a 20% reduction in board fees.
4. Questions over profitability
After reporting a $486 million loss last year, and a 4.8% sales dip for the first quarter this year, Hounsell faced questions over another profit downgrade. "We are aware of our continuous disclosure obligations, and we will disclose to the market when we need to disclose to the market," Hounsell responded. He added that while quarterly sales were down for the year, the profit/loss reported was less than a year earlier.