Today's Labour News

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InvestecBL Premium reports that Investec will pay up to £100,000 (R2.02m) to cover the personal security costs of each of its executive directors in SA due to concerns about the country’s rising crime levels.

During the bank’s annual general meeting on Thursday, questions were raised by shareholder activist group Just Share on a resolution that sought shareholder approval to amend directors’ remuneration policy so that the cost of personal security for executive directors in SA would no longer be deducted from their fixed pay. The resolution, which was approved by 99.79% of shareholders, means the security costs of the bank’s SA-based executive directors will now be borne by Investec. Tracey Davies of Just Share questioned Investec about the policy, asking whether it was reasonable to augment the remuneration of executive directors by covering their security costs when they were living in a country characterised by extreme income inequality and poverty. Henrietta Baldock, chair of the bank’s remuneration committee, responded: “We don’t actually see that as an increase to executive directors’ fixed pay per se. Unfortunately, the personal security arrangements are something which we feel we need to put in place for the executives based in SA given their high profile and given the number of other examples ... of high-profile business people and other people in SA being targeted.” The bank declined to give details on what the £100,000 benefit would be spent on given the “sensitive nature of personal security.

  • Read the full original of the report in the above regard by Garth Theunissen at BusinessLive (subscriber access only)
  • See too, Pushback against Investec's plan to pay for execs' bodyguards, at Fin24 (subscriber access only)

Get other news reports at the SA Labour News home page