Excelsior Capital (ASX:ECL) received a "second strike" against its remuneration report, while the resulting conditional spill resolution was carried at its annual general meeting on Tuesday, according to a same-day Australian bourse filing.

65.46% of the votes cast at the meeting were against the remuneration report. Meanwhile, the conditional spill resolution was approved with 64.91% of the votes.

The firm is now required to hold a general meeting within 90 days at which all of its directors must stand for reelection.

At least 25% of a firm's shareholders are required to vote against its remuneration report to trigger a strike. At next year's annual general meeting, if 25% or more of its shareholders again vote against the report, the company will receive a second strike, and its shareholders are required to immediately vote on whether to hold a spill meeting to replace the board.