Shareholders have voted against a proposed increase in remuneration for directors at this morning’s Blue Sky Alternative Access Fund annual general meeting.

It’s a first strike against the fund’s remuneration report. Under the ‘two strikes’ rule, if a remuneration report garners more than 45 per cent of votes it for two years running, the whole board must put itself up for re-election.

Blue Sky Alternative Access Fund (ASX:BAF) is a listed investment company, one of two listed companies that are part of Blue Sky Alternative Investments.

The company put out an announcement this morning prior to its AGM saying the remuneration report would not be approved based on proxy votes, after 68 per cent voted against the motion.

It was also left with just one director, after those same proxy votes revealed that directors Paul Masi and Peter Wade would not be re-elected, on top of Laz Siapantas’ recent resignation and Andrew Champion deciding not to stand for re-election.

Peter Wade was only appointed to the board last month.

The board appointed Kym Evans and John Baillie to ensure it complied with requirements that public companies must have at least three directors.

The stock was up 1 per cent to 87c at midday on Thursday.

Blue Sky Alternative Access Fund (ASX:BAF) shares over the past year.