Explosives and fertiliser maker Incitec Pivot is withholding management bonuses partly because of two workplace deaths.
Chairman Paul Brasher opened the company's annual general meeting by expressing sympathy to the families of the workers killed this year in Canada and Queensland.
"Whilst our safety objective was met in terms of number of recordable injuries, we tragically had two fatalities this year," he told shareholders.
"As a consequence, no short-term or long-term incentives were paid to management in 2013."
A truck driver in Canada and a New Zealand man working as a contractor at Mount Isa, in far north Queensland, were killed in 2013.
"Tragically, we suffered the loss of two work colleagues during the year and I want to express our sympathy to the families of the two men who were killed in those incidents," he said.
Chief executive James Fazzino said the tragedies were a "very sad loss".
"Any year with such tragic events is a failure," he said, adding 86 per cent of its work sites were injury-free in 2013.
"It illustrates that we must be more determined than ever to drive our zero harm culture."
Incitec Pivot's net profit in the year to September 30 fell by 27 per cent, compared with the previous year, to $372 million.
Mr Brasher said the failure to meet the profit target was also behind its decision not to award bonuses to management this year.
"There is no point in complaining about low fertiliser prices or a high Australian dollar," he said.
Incitec Pivot shares gained nine cents, or 3.6 per cent, to $2.56.
