Contact directors keep their jobs

Contact Energy said yesterday a proposal to limit the influence of Origin Energy on the company's board had failed to win a majority of shareholder support at Thursday's annual meeting.

Just 23 per cent of its shareholders voted for the proposal.

Sydney-based Origin owns half of Contact's 576 million shares and used its dominance to thwart the proposal. Of the 404.9 million shares voted at the company's annual meeting, 91.4 million were in favour of a proposal to establish a board committee to help increase the independence of the non-Origin directors, the company said.

Almost 15 per cent were in favour of a proposal to replace deputy chairman Phil Pryke for his role in a failed merger with Origin this year.

Pryke and board colleagues Tim Saunders and John Milne recommended the merger with Origin.

- BLOOMBERG