Today's Labour News

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earningsBusiness Report writes that according to Bidvest chief executive Lindsay Ralphs, Comair’s remuneration policy needs to be thoroughly re-looked at.  The diversified group voted against the aviation company's remuneration policy last month.  

Bidvest holds a 27% stake of Comair, which operates Kulula and British Airways.  Last month Bidvest rejected Comair’s proposal to hike the annual fees of its chairperson to R1.6million in 2020 from R1.59m in 2019.  It also voted against the proposed increase of the vice-chairperson’s fee to R487,805 in 2020 from R464,576 in 2019.  Speaking after the Bidvest’s annual general meeting on Thursday, Ralphs said that Comair needed to modernise its remuneration policy.  Ralphs, who was recently elected as the chairperson of Comair, said that Comair was not complying with King IV regulations on corporate governance, adding that Bidvest had used its votes to reflect that opinion.  “Remuneration has become a sophisticated part of the way that business is run in South Africa.  One needs professional advice to run the remuneration committee and they (Comair) do not even have advisers.  They are still doing things in the old-fashioned way and we voted against them so that we could attend a meeting, which we did this week.  We recommended to them that they appoint a professional adviser who can bring them up to speed with a more modern remuneration strategy.  They have asked for our assistance,“ said Ralphs.

  • Read the full original of the report in the above regard by Dineo Faku at Business Report

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