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Moneyweb writes that shareholders at an unprecedented number of JSE Top 40 companies have, in the past year, voted against executive remuneration policies and/or their implementation.
These were non-binding advisory votes tabled at annual general meetings. Under JSE regulations (and King IV), the companies then had to engage dissenting shareholders in a formal manner and thereafter provide feedback to the market (via Sens). The six companies, all in the top 20 largest by market capitalisation, have seen significant shareholder resistance to remuneration, particularly incentive schemes. They are all very large companies, with diverse shareholder bases, where voting on pay cannot easily be lobbied for by activist investors. The six companies concerned are Naspers, FirstRand Group, Sanlam, MTN Group, Absa Group and Shoprite Holdings. This informative report details the concerns raised, the AGM voting and outcomes of consultations in respect of each of these cases.
- Read this report by Hilton Tarrant in full at Moneyweb
Get other news reports at the SA Labour News home page