Fairfax Media has avoided a potential board spill, with shareholders approving the company's executive pay policy.
More than 97 per cent of shareholder votes lodged at the annual general meeting on Thursday were in favour of Fairfax's latest executive remuneration report.
Major shareholder Gina Rinehart opposed the company's remuneration report in 2012, contributing to a so-called `first strike' against Fairfax.
A vote of more than 25 per cent against the report at two consecutive annual meetings, or `two strikes', has the potential under new corporate laws to cause a board spill.
Ms Rinehart abstained from the vote on remuneration at Thursday's meeting but still voted against the reelection of two directors, Sandra McPhee and Linda Nicholls, in a sign of her dissatisfaction with the board.
Ms McPhee and Ms Nicholls were returned to the board with about 80 per cent shareholder support.
During the meeting Fairfax chief executive Greg Hywood said the company's revenue for the year to date was down six per cent on the previous year, and the advertising market had not recovered since the federal election.
Mr Hywood said the post-election advertising cycle "is not proving to be robust".
"Advertising bookings are short, providing limited visibility," he told shareholders.
Fairfax's real estate business Domain was the only business enjoying an increase in revenue, up four per cent in the year to date.
Strong real estate activity in Sydney was causing short lived advertising campaigns for properties, Mr Hywood said.
"If history is any guide, in due course we will likely see a lengthening of ad campaigns and associated spend as more inventory comes to market," he said.
Revenue for the metro media business was down nine per cent year-to-date, Mr Hywood said, while regional was down 10 per cent, New Zealand was down four per cent in NZ dollars (up seven per cent with currency benefit), and broadcasting was flat.
Mr Hywood said the Fairfax of the Future cost reduction plan was on track to cut $311 million in costs by 2014/15, with the potential for more reductions in 2015/16.
He said the Sydney Morning Herald and The Age mastheads had attracted 86,000 new digital subscribers since the digital subscriptions were introduced at the end of 2012/13, along with 102,000 existing print subscribers also signing up to digital access.
Mr Hywood said Fairfax had moved on from a traditional model of just two revenue streams, coming from advertising and circulation, to multiple streams from different businesses alongside the news operations.
Events, content marketing services and digital marketing services for small and medium enterprises are among the new business areas.
Fairfax Media shares closed down 0.5 cents at 57 cents.
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