Insurance comparison website iSelect's first AGM as a public company has resulted in a first strike vote against its executive pay.
Shareholders were unimpressed that while they have received no dividends, iSelect paid bonuses and extra project-related pay to executives despite a disastrous first five months since publicly listing.
Since its June debut, it has lost one third - or $170 million - of its stockmarket value, falling from its issue price of $1.85.
It's shares on Monday were up two cents at $1.22.
Chief executive Matt McCann quit in October, as the company missed its year-to-June 30 revenue forecast of $121.6 million by $3.6 million, prompting an investigation by the corporate regulator into its disclosure practices.
It was cleared of wrongdoing.
Revenue for calendar 2013 has been downgraded to $126.5 million from $132.5 million in its prospectus.
Mr McCann received a bonus of $276,456 on top of his salary of $459,673 and executive chairman and company founder Damien Waller collected a $172,687 bonus on top of his $526,995 salary.
A vote on the remuneration report at its AGM on Monday resulted in 27.5 per cent of shareholders rejecting it.
If 25 per cent or more of investors reject the report again next year, delivering a `second strike', they may get a vote to oust the board under Australian corporate law.
The Australian Shareholders Association had urged shareholders reject the report because of what it said were too generous short and long term bonuses and also called for Mr Waller to stand down to improve corporate governance and independence.
Mr Waller said he was disappointed with the company's stock market debut but said there was nothing fundamentally wrong with the business.
Its first day trading was marred by major shareholder Spectrum Equity Investors unexpectedly selling most of its eight per cent stake, with some other investors following suit in the days after.
Mr Waller said he was confident the company would continue to see year on year growth and that it had the right business model diversifying its earnings from just private health insurance.
"The structure of the industries we operate in, and the demand from both consumers and providers alike remains strong," he said.
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