earningsBusinessLive reports that Old Mutual Investment Group is not satisfied with Tongaat Hulett’s executive pay structure and says it plans to discuss the issue with the company.  

This comes after Investec Securities said in a report that it wanted Tongaat CEO Peter Staude to step down after the sugar producer’s "appalling" annual results and underperformance over the past decade.  Old Mutual was concerned about the way Tongaat’s executive remuneration was structured and voted against the pay policy at the annual general meeting in August 2017.  "We will be engaging management on this issue in order to seek greater alignment between company strategy and reward structure," Jon Duncan, head of responsible investment at Old Mutual Investment Group, indicated.  Tongaat’s shares have fallen to their lowest levels since 2009 after the company reported a 37.2% decline in headline earnings for the year to March.  After announcing the weak result, the group said on Wednesday last week it had awarded Staude and CFO Murray Munro shares bought on the market as part of Tongaat’s long-term incentive plan.

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