iSelect shareholders have delivered a first strike against the insurance comparator, challenging executive earnings following a tumultuous period since the company listed in June.

More than 27% of votes at last week’s annual general meeting rejected the remuneration report.

Under the two-strikes rule, if a company receives a 25% vote against its remuneration report two years in a row, shareholders can decide if a new board should be elected.

Last month iSelect cut its calendar-year operating revenue forecast and revealed CEO Matt McCann had resigned over differences with the board on growth priorities.

The company’s shares are trading well below the initial public offering (IPO) price of $1.85.

“It is widely acknowledged and accepted that the timing and structure of our IPO was not ideal,” Executive Chairman and co-founder Damien Waller told the meeting.

“The important thing to bear in mind is that our performance on the stock exchange isn’t a result of something fundamentally wrong with our business.”

Mr Waller says the company is making progress in its search for a new CEO and expects to make an appointment in the new year.

iSelect says September-quarter revenue grew 11% on the corresponding period last year and earnings before interest, tax, depreciation and amortisation, excluding IPO costs, gained 52%.

“We expect to see continued year-on-year growth as a result of the investments made in data analytics and our newer business units,” Mr Waller said. “We also look forward to a return to more stable conditions within the private health insurance market.”