Dec 19 (Reuters) - National Australia Bank's chairman acknowledged that more than 80 percent of shareholders will vote against its executive pay proposal on Wednesday at its annual general meeting.
"The board is hearing loud and clear that our new scheme is not right. We tried, but we got it wrong," said Chairman Ken Henry.
Under Australian corporate rules, if more than a quarter of shareholders vote against a pay proposal for two years running, they can call for the board to be removed. (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Phil Berlowitz)