Radio giant claims unwanted piece of Aussie history

Thursday, 7 May 2026 13:42

It's the worst remuneration strike in recent Australian corporate history in a stunning blow to the embattled network.

Investors in the radio giant which aired Kyle Sandilands and Jackie 'O' Henderson's now-defunct show have delivered an overwhelming backlash against the network's executive pay packets, as share prices plummet over the ugly legal fight between the former hosts.

More than 90 per cent of ARN shareholders voted against the company's latest executive pay report at its annual general meeting (AGM) this morning.

That makes it the largest remuneration strike in recent Australian corporate history – bigger than the 83 per cent rejection Qantas received at the nadir of the airline's popularity in 2023, and the 88 per cent for NAB in 2018, in the wake of the banking royal commission.

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ARN's remuneration report included a $1.1 million pay packet for relatively new chief executive Michael Stephenson.

The strike means it will need to deliver an amended remuneration report taking investor concerns into account.

A second strike would occur if 25 per cent or more vote against the next executive pay report, which would force a vote on whether to spill the ARN board.

During the meeting, ARN chair Hamish McLennan addressed the ongoing $170 million combined lawsuits filed by Henderson and Sandilands and assured investors that ARN is "committed to defending these claims and actively pursuing the cross-claims".

"As these matters are now before the courts, we do not intend to comment further," he said.

McLennan was re-elected as chair with an 80 per cent majority vote, despite earlier investor calls to resign over ARN's handling of the Sandilands and Henderson fallout.

He told the board he would be investing $500,000 into the company as a show of confidence.

Hamish McLennan Chairman of the Board and Non-executive Director, ARN

Stephenson spoke before the AGM and addressed the network's decline in revenue and noted a $26 million dip in advertising dollars last year was mostly due to client concerns over "brand safety".

He said $22 million in advertising revenue was directly related to "clients who had chosen not to advertise with ARN because of issues relating to brand safety".

"Over time, I expect that a significant percentage of the $26 million of revenue that was lost through the year because of brand safety concerns to return," Stephenson said.