Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

earningsThe Citizen reports that Shoprite Holdings, the continent’s largest retailer, has made a surprising about-turn on executive remuneration.  

This follows its 2017 annual general meeting (AGM) on Monday where 29.89% voted against a non-binding resolution on its remuneration policy and 28.58% voted against the implementation thereof.  Shoprite has invited shareholders who voted against the remuneration policy and the implementation of it to “engage with the company” in a closed teleconference to be held on Tuesday.  This marks a change in stance for a group that has historically paid its executives very well and almost stubbornly refused to engage on remuneration matters.  It is also the first time that a large JSE-listed company has had a formal, publicised engagement which is openly-accessible to all shareholders to deal with remuneration concerns.  In the 2016 financial year, the group was slammed for paying then-CEO Whitey Basson R100 million, including a R50 million bonus.

  • Read this report by Hilton Tarrant in full at The Citizen

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