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BusinessLive reports that investors holding nearly a quarter of the shares represented at Discovery’s AGM voted against its remuneration policy, apparently because it is impossible to understand and therefore difficult to assess its fairness.
About 75% of Discovery’s share capital was represented at the meeting, with 23.35% voting against approval of remuneration policy. Shareholder votes on pay are not binding in SA, but the King IV Code on corporate governance and the JSE’s listings requirements oblige companies to engage with dissenting shareholders where 25% of voting rights have countered pay policies. Companies have to then report on the engagement. Transparent remuneration policies are increasingly important to shareholders seeking to ensure alignment between the performance of top management and their pay packages. Discovery finance chief Deon Viljoen said they were pleased the advisory vote passed the required 75% and they considered Discovery’s remuneration policy to be well-suited to the company’s high-performance culture, “but we consider the views of all shareholders and we are working to enhance levels of disclosure on areas such as performance measures as required by King IV." The company has undertaken to continue to engage with its shareholders.
- Read this report by Hanna Ziady in full at BusinessLive
Get other news reports at the SA Labour News home page