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The Australian biotech company CSL has been delivered a “second strike” by shareholders over its executive pay plans, but has survived a push to spill its board.
Amid frustration over its depressed share price, the blood plasma therapy firm – a former commonwealth entity – saw more than 40% of votes cast against its executive pay plans at its annual general meeting in Melbourne on Tuesday.
The result was well above the 25% threshold required to trigger a “strike”, the company’s second in a row.
Despite hitting the two-strikes trigger – which opened the door for a board spill resolution – shareholders voted overwhelmingly against removing the board.
“We passed that hurdle,” said the CSL chair, Brian McNamee, in reaction to the spill vote.
The two-strikes rule is a federal government initiative, which began in 2011, designed to hold companies to account over excessive pay rates.
The shareholder unrest is linked to a perceived mismatch between the company’s performance and its high pay rates, with its shares down more than 35% this year. This includes a 15% sell-down on Tuesday after CSL reported an expected fall in US vaccination rates.
Guardian Australia reported earlier this month that CSL was among several major Australian companies that regularly spend more on bonuses for their chief executives than they pay in company tax in Australia.
The vaccine maker has been grappling with a decline in influenza vaccination rates in the US, which remain below pre-pandemic levels.
In the current flu season, CSL expects US vaccination rates to decline by 12% for the overall population, and by 14% for people over 65 years old, according to Morningstar.
McNamee said it was “remarkable” that flu vaccine rates were falling in the US after such a severe season last year.
“Remarkable, but it’s our reality,” McNamee said.
There has also been lingering shareholder resentment against CSL over the high price tag it paid for the Swiss iron deficiency group Vifor in 2022.
While CSL’s performance has wavered, the biotech continues to pay some of the highest executive rates in corporate Australia.
In its last 12-month reporting period, CSL’s chief executive, Paul McKenzie, earned $US6.06m ($9.2m). His predecessor, Paul Perreault, once earned more than $US45m in a single year due to various incentive schemes.
The company has consistently defended its pay rates, arguing that while it is headquartered in Australia, it must attract executives in a competitive global biotechnology market.
The dollar was weaker on Tuesday ahead of a slate of central bank meetings that will likely see a rate cut in the U.S. and as investors kept a wary eye on President Donald Trump’s Asia tour, hoping for a trade deal with China.
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The dollar was weaker on Tuesday ahead of a slate of central bank meetings that will likely see a rate cut in the U.S. and as investors kept a wary eye on President Donald Trump’s Asia tour, hoping for a trade deal with China.
While early signs of easing trade tensions between the world’s top two economies led to a risk rally on Monday, with the dollar slipping against rivals, investors are apprehensive any real Sino-U.S. deal may offer far less to celebrate.
The spotlight will be on the meeting between Trump and Chinese President Xi Jinping in South Korea on Thursday. “I’ve got a lot of respect for President Xi and I think we’re going to come away with a deal,” Trump told reporters on Air Force One before landing in the Japanese capital, Tokyo.
Chinese officials have so far been circumspect about trade talks with U.S. counterparts and have said little on the potential outcome.
The anticipation has left currency markets fairly muted so far this week. The euro hit a one-week high of $1.1655 in early trading on Tuesday, while sterling last bought $1.3344.
The dollar index, which measures the U.S. currency against six other units, was steady at 98.786 in early Asian hours, having eased 0.15% in the previous session.
“I don’t think financial markets have high expectations that the Trump-Xi meeting will lead to a comprehensive trade deal,” said Carol Kong, currency strategist at Commonwealth Bank of Australia.
Kong, though, said that signs that the two countries have made progress on issues and the prospect of the U.S. lowering tariffs on China are enough to lift sentiment and risk assets.
With a 25-basis-point rate cut from the Federal Reserve long priced in, markets will closely watch for any signs that the central bank may be preparing to wind down its quantitative tightening program.
Focus will also be on whether the central bank and Fed Chair Jerome Powell provide clarity on further rate cuts as the U.S. government shutdown continues, leaving policymakers without economic data. Traders are pricing in another cut in December.
“We do not expect formal guidance about the December meeting, but if Chair Powell is asked, he will likely be comfortable referencing the September dots, which imply a third cut in December,” said David Mericle, chief U.S. economist at Goldman Sachs. The Fed cut rates last month by 25 bps.
“A cut in December is likely because the labour market data, which will be affected by DOGE deferred resignations and the impact of the shutdown on data collection, are unlikely to send a convincing all-clear signal by then.”
The yen was stronger at 152.42 per U.S. dollar ahead of the Bank of Japan meeting later this week where the central bank is expected to stand pat on rates but the focus will be on whether they provide clues on when the next hike will come.
Attention will be on a meeting on Tuesday between Trump and Japan’s new Prime Minister Sanae Takaichi, where the two leaders will discuss trade issues.
Over in Europe, the European Central Bank is all but certain to keep rates on hold again on Thursday as traders waver on whether it will resume easing next year.
The Australian dollar, often seen as a proxy for risk appetite, was 0.11% firmer at $0.6563, a two-week high. The New Zealand dollar inched higher to $0.5778.
“There seems little in the global macro landscape that appears capable of derailing the current melt-up,” said Chris Weston, head of research at Pepperstone.
“With the ongoing government shutdown limiting the risk that would have come from the tier 1 economic data and when Fed rate cuts align with a still-resilient economy and a market skewed towards selling volatility, the outcome has simply been to buy risk.”
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Tokyo, October 28, 2025 – Mitsubishi Heavy Industries Machinery Systems (MHI-MS), a part of Mitsubishi Heavy Industries (MHI) Group, will exhibit at the “Japan Mobility Show 2025″(Note1) held at Tokyo Big Sight (Koto-ku, Tokyo) from October 30 to November 9. At East Hall 7, MHI-MS will present its autonomous parking robot, merging support system, and adverse weather automated-driving research environment demonstrating how these technologies and applications will help create a more comfortable and safer ‘mobility society’ in the near future.
■ Autonomous Parking Robot
This robot autonomously transports and parks vehicles on behalf of people. It is designed for use in finished vehicle automated transport(Note2) and automated valet parking(Note3).
Finished vehicle automated transport significantly improves working conditions for personnel engaged in vehicle transport, even in harsh environments such as severe weather or extreme heat. It also addresses logistics industry demands, including digital transformation (DX) and decarbonization.
Automated valet parking enables the robot to find and park vehicles in vacant spaces, effectively turning distant, underutilized parking spots into “close” ones. This reduces driver distraction caused by searching for parking spaces, thereby preventing accidents related to inattention. Moreover, by reducing vehicle circulation within parking facilities, it helps reduce CO2 emissions, contributing to a society that is good for both people and the environment.
At the venue, visitors will have the opportunity to experience the future of mobility firsthand with the first public display of the actual autonomous parking robot.
Autonomous Parking Robot
■ Merging Support System
This system supports safe and smooth merging onto main highways, one of the most challenging scenarios in autonomous vehicle demonstration tests. The mechanism will be introduced through video presentations at the show.
Merging Support System (Vehicle Detection Sensor)
■ Adverse Weather Automated-driving Research Environment
To ensure a safe and secure mobility society, this facility recreates harsh natural environments indoors, including rain, fog, snow, and glare, and combines these with various driving scenarios with high precision and repeatability. It allows efficient evaluation of the safety and reliability of advanced driver assistance systems and highly automated vehicles under any weather conditions, accelerating the social implementation of autonomous driving. The venue will feature videos of testing operations and exhibits explaining the facility.
Adverse Weather Automated-driving Research Environment
MHI-MS and the Mitsubishi Heavy Industries Group leverage their expertise in traffic system development, plant construction, and manufacturing of diverse machinery to support efficient development and verification of automated mobility. This is achieved through advanced monitoring and communication technologies, sophisticated environmental control, digital twin technologies, and mechatronics, all contributing to shaping the future of mobility.