Today's Labour News

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earningsBL Premium reports that RCL Foods, which owns Rainbow Chickens and Selati Sugar, left shareholders with a bitter taste in the mouth after the group was reticent at its annual general meeting on Friday to answer questions about its strategy, leadership and executive remuneration.  

Non-executive chair and Remgro CEO, Jannie Durand, who conducted the virtual AGM, refused to answer a question posed by shareholder activist, Albie Cilliers, who asked if CEO Miles Dally, who has been CEO of RCL since 2003, was still the right person to lead the company.  According to All Weather Capital’s Shane Watkins, RCL was the worst-performing food stock on the JSE over almost any period.  JSE-listed Remgro owns 77% of RCL.  Durand said it would be unfair for Dally to have to respond to the question.  Earlier in the presentation, RCL’s remuneration committee head, Peter Mageza, was also taken aback when he was asked why RCL’s remuneration policy was short on details.  He said remuneration was “private” and “very personal”.  All Weather Capital’s environmental, social and corporate governance (ESG) analyst, Gomolemo Seete, said the AGM was disappointing.  She added:  “I believe the quality of corporate governance at RCL Foods is becoming an issue.  Company engagements like AGMs are very important and it didn’t seem that the company was open to talk to its shareholders on Friday … I feel that I am in the dark as a shareholder.”  

  • Read the full original of the report in the above regard by Alistair Anderson at BusinessLive (paywall access only)

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