An analysis by Fairfax Media showed that companies that got a strike last year, including Super Retail Group and Southern Cross Media, have responded to shareholder complaints from last year's meeting by changing their remuneration mix or providing more transparency to their remuneration structure.

Sixteen companies received their first strike and three others – Cabcharge, Linc Energy and Cash Converters – got a second or third strike.

While overall remuneration for the 19 companies fell only 1 per cent, there has been more clarity on how executives were rewarded and more swaps between short and long term incentives.

"The number of major companies receiving a strike has reduced, with those at the top of the pile becoming accustomed to providing better disclosure and being more receptive on stakeholder views," Egan Associates remuneration adviser Suzanne Wohlthat said in a report.

"The lower ASX ranking companies are still finding it difficult to avoid controversy,some because their remuneration policies have not kept up with a swift growth path, other because of large agenda-fuelled shareholding blocks while a few maintain questionable pay practices."

Shareholder power

The two-strikes law came into effect on July 1, 2011 and provides shareholders the power to vote against executive pay.

If 25 per cent or more of votes cast at two consecutive annual meetings oppose the adoption of a remuneration report, then the company must formally respond by asking all board members except the managing director to stand for re-election within 90 days.

Pawnbroking franchise Cash Converters had its second strike after 28 per cent of its shareholders voted down its remuneration, a signal that its lack of response to its first strike was starting to worry shareholders.

The analysis shows it responded in 2014 by culling its share-based payments, which led to total remuneration falling 20 per cent.

Companies that suffered a first strike in 2013, including Super Retail Group, Alumina, Ausenco, Southern Cross Media, Thorn Group and Greencross, have been spared a second strike after their recent annual general meetings.

Other remuneration restructures were not as clear.

Cabcharge's fare

Cabcharge has increased total remuneration to its executives by 37 per cent in the year to June 30 despite receiving a third strike.

Some 45 per cent of Cabcharge shareholders voted against its remuneration report in last year's meeting. They complained the late executive chairman Reg Kermode's remuneration was too high compared to other chief executives of similar-sized companies and the company would not revamp its remuneration structure despite two previous strikes and poor performance.

While the increase was not as large as previous years, Mr Kermode's annualised salary for 2014 was higher by 4 per cent compared to his 2013 salary.

Other short-term benefits increased 169 per cent, long term incentives were higher by 184 per cent and Cabcharge paid its executives $97,337 in bonuses this year against zero bonuses in 2013. It also hired two new executives in the year ended June 30.

Debutant ASX-lister insurance website iSelect copped its first strike last year.

Shareholders wanted more discretionary remuneration for its directors and complained about discrepancies in short-term incentive disclosure and a loan share plan as a long-term incentive.

Chief executive Alex Stevens did not receive any bonus this year but the company's senior executives all received bonuses totalling $217,759. While these were lower by 74 per cent compared with the year earlier, total remuneration was still higher by 18 per cent.

It also paid out $1.2 million in termination payments to four executives who resigned including former chief executive, Matt McCann.

David Jones and resource group Linc Energy both had strikes in 2013 but DJS was bought by Woolworths South Africa and Linc Energy was delisted from the Australian Securities Exchange.

Ms Wohlthat said companies could avoid a strike if they better engaged with their shareholders.

"Where confusion reigns, shareholders vote for the wrong reasons," Ms Wohlthat said.