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.

DiscoveryBusinessLive reports that investors holding nearly a quarter of the shares represented at Discovery’s AGM voted against its remuneration policy, apparently because it is impossible to understand and therefore difficult to assess its fairness.  

About 75% of Discovery’s share capital was represented at the meeting, with 23.35% voting against approval of remuneration policy.  Shareholder votes on pay are not binding in SA, but the King IV Code on corporate governance and the JSE’s listings requirements oblige companies to engage with dissenting shareholders where 25% of voting rights have countered pay policies.  Companies have to then report on the engagement.  Transparent remuneration policies are increasingly important to shareholders seeking to ensure alignment between the performance of top management and their pay packages.  Discovery finance chief Deon Viljoen said they were pleased the advisory vote passed the required 75% and they considered Discovery’s remuneration policy to be well-suited to the company’s high-performance culture, “but we consider the views of all shareholders and we are working to enhance levels of disclosure on areas such as performance measures as required by King IV."  The company has undertaken to continue to engage with its shareholders.

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