earningsBloomberg reports that the Public Investment Corporation (PIC), which oversees the bulk of the SA government’s pension money, voted against pay policies at more than one third of the annual general meetings it attended between July and September last year.  

The PIC refused to endorse compensation policies at Telkom and Investec, according to its voting report, published on its website.  While shareholders may vote on pay at most annual general meetings, the votes are not binding.  The PIC said that Tito Mboweni, a former governor of the SA Reserve Bank, is receiving “excessive” pay as chairman of Accelerate Property Fund.  Concerns around Telkom included that its short-term bonuses were based only on profitability, no sustainability targets have been set, and one-off items should not have been used in pay calculations.

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