ShopriteBusinessLive reports that black-owned and managed stockbroking firm Legae Securities wants Shoprite shareholders to vote against 10 of the 21 resolutions at the AGM on 31 October.  

The contested resolutions deal with issues at the heart of the King IV corporate governance code that will be launched on 1 November, the day after Shoprite’s AGM.  A resolution relating to remuneration policy is among those that have earned Legae’s disapproval.  Legae has advised shareholders to vote against the company’s remuneration policy, not only because of CEO Whitey Basson’s 99.8% increase, but because the remuneration report lacked required details around the metrics and targets for the short-and long-term incentive awards.

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