It is remarkable to think that in 12 years of remuneration voting in Australia, none of the big four banks have had their remuneration reports defeated or, since the two-strikes regime started in 2011, copped a “first strike” with an against vote exceeding 25% of ballots cast.

That all changed in Perth today, when the Commonwealth Bank received a remuneration strike and also became the first top 10 company to withdraw a pay resolution because of shareholder unrest.