New Myer chairman Garry Hounsell says the protest vote that has delivered a first strike against the department store's board has nothing to do with pay or the company's performance.
Nearly 30 per cent of Myer shareholders voted against the adoption of the remuneration report, including major shareholder Solomon Lew, which means that Myer now has a "first strike" recorded against it, with a second strike next year meaning vote to spill the board.
Mr Lew, who heads retailer Premier Investments, has been highly critical of the Myer board, following the company's poor financial performance and declining share price amid a tough retail environment.
"The voting down of the remuneration report has nothing to do with remuneration and the company, it has nothing to do with any individuals on the board - it's the result of our largest shareholder voting against everything," Mr Hounsell told reporters after Myer's annual general meeting in Melbourne on Friday.
"So I've got to make sure that that doesn't happen again over the next 12 months."
Mr Hounsell, who initially did not want to talk about Mr Lew, said shareholders generally had voted to support the re-election of directors on Friday and the financial incentives for chief executive Richard Umbers.
"I don't want to talk about Solomon Lew, I don't want to talk about pressure," Mr Hounsell said.
"There's been too much in the paper about this - it's been destroying value in the company.
"We have customers who won't come in the store because they've read the paper that we've got really bad stock, we've got issues with suppliers.
"There's been enough destruction done, and I don't want to propel that anymore."
But when pressed, Mr Hounsell said his door was always open to Mr Lew.
"I'm always available to meet with him," Mr Hounsell said.