Harvey Norman shareholders have railed against chairman Gerry Harvey’s salary, but he says nothing is going to change.

Executives at the household goods and electronics retailer received generous pay increases in 2013/14 after a 49 per cent rise in profit.

But shareholders weren’t impressed.

Mr Harvey’s pay rose to $1.1 million, from the previous year’s $1 million, and chief executive Katie Page enjoyed a 54 per cent pay rise to $2.8 million.

Two other senior executives were awarded 14 per cent pay rises.

Shareholders overwhelmingly voted against the company’s pay structure at its annual general meeting on Tuesday.

But Mr Harvey said the vote would have no consequences, despite the prospect of a board spill next year if at least a quarter of shareholders again reject executive salaries.

“Nothing will change,” he told AAP.

Mr Harvey holds a 30 per cent stake in the company, and the board would just re-form again if there was a second strike, he said.

“I understand where they’re coming from and that’s fine, but in the big picture I wonder whether it’s all worth it.”

The Australian Shareholders Association objected to Mr Harvey’s short-term incentives being paid only in cash, rather than a mix of cash and shares.

Mr Harvey was upbeat about the Christmas sales period, and forecast a turnaround in the retailer’s loss-making Irish business.

“There’s no reason to believe we shouldn’t have a pretty good Christmas,” he told shareholders.

Harvey Norman has also launched a $120.7 million capital raising, offering new shares to current investors at $2.50 each to fund a 14 cent per share special dividend.

The $140 million to be returned to shareholders through the special dividend is a way of distributing franking credits that have accumulated over many years, Mr Harvey said.

“I’ve been criticised now for 10 or 15 years, at least, every year for not doing anything about it and it’s fairly valid criticism,” he said.

Harvey Norman shares were down one cent at $3.70 at 1420 AEDT.