Shareholders in Perth-based Insured Group have agreed to consolidate the number of shares listed on the NZ Stock Exchange.

They have agreed to consolidate every 100 shares into a single share, reducing the number issued from 1.5 billion to about 15 million.

The vote was overwhelmingly in favour, with 15% of proxies in favour and only 8% against.

It was passed on a show of hands at the AGM, which was held in both Perth and Auckland last week.

While shareholders in favour of the consolidation move, many were against adopting the remuneration report, with 9% of proxies voting against acceptance and 10% in favour.

Another 4% abstained, but the report was passed on a show of hands at the meeting.

The vote is only advisory and does not bind Insured Group directors into taking any actions.