Linc Energy has received a second strike from shareholders against its executive pay but has been spared a board spill.
At the company's annual general meeting on Thursday, more than 40 per cent of votes lodged by proxy went against Linc Energy's remuneration report for the year to June 30.
That follows a similar vote against remuneration in 2011.
Under new laws, companies that receive two consecutive votes of 25 per cent or more against remuneration reports can face a board spill, where some directors need to be re-elected to maintain their position.
But Linc's shareholders voted against a board spill, with 72 per cent of votes against the move.
Australian Shareholders Association representative Bill Seymour said the second vote against Linc's pay reflected shareholder dissatisfaction.
"The legislation was to get board members to listen to what shareholders are telling them," he told the meeting.
"It appears you're not quite listening."
Linc chairman Ken Dark said the concerns would be addressed.
"We certainly take interest and consider the feedback we receive from shareholders," he told the meeting.
The company's executives were paid a total of $9.5 million in the 2011/12 financial year, up from $9 million in the previous year.
However, the company had 13 directors in 2011/12, up from 10 in 2010/11.
Managing director Peter Bond was paid more than $800,000 in 2011/12, up from about $640,000 in 2010/11.
Mr Bond holds about 40 per cent of Linc's shares, and is not eligible to vote on the remuneration report.
Based in Brisbane, Linc owns traditional oil and gas assets in the United States and Australia.