Today's Labour News

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earningsBusinessLive reports that Johann Rupert, chairman of investment behemoth Remgro, has called on shareholders to help find an appropriate structure for remunerating executives.  

At Remgro’s AGM on Wednesday some resistance was shown in the nonbinding advisory vote on the remuneration policy, with almost 19% of shareholders against the resolution.  The votes against were closer to 40% if the Rupert family vote was stripped out.  Rupert said he believed the votes against stemmed from Remgro not having clear key performance indicators (KPIs).  "I’d like to ask these investors to advise us how they would like us to set up these KPIs.  It’s difficult when you’re a diversified investment holding company to apportion blame or reward."  Rupert also said he had empathy with investors on the remuneration issue.  "Help us set up a better system.  It will help if we can work together to find a better solution for all."  But he also pointed out that asset managers who had voted against the resolution operated on cost structures that were markedly higher than those incurred by Remgro.

  • Read this report by Marc Hasenfuss in full at BusinessLive

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