Myer has announced a host of pay cuts to its leadership team, ahead of its annual meeting.
Last year, 29.4% of voted shares were againt the company's renumeration report.
In a bid to appease shareholders, executive salaries will now be slashed and directors will be forced to purchase more shares.
The chairman's fee will be reduced by $50,000 from the previous year to $300,000. This compared to $350,000 in 2018 and $400,000 in 2017.
Non-executive directors will see their fees reduced from $150,000 to $120,000.
They will also reportedly be required to invest one year's worth of fees on shares within the next three years.
CEO John King will not receive any payments under the existing short-term incentive plan unless the company achieves net profit growth.
King will also need to hold shares equivalent to 75% of his fixed renumeration while under the employ of Myer.
Myer reported a $486 million loss over the last year.