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.

earningsBusinessLive reports that shareholder activist Theo Botha is insisting on Coronation Fund Managers disclosing details ahead of its annual general meeting next week of the awarding of R604.5m in bonuses to its employees.  

While the bonus — equivalent to 30% of taxed profit — is distributed among all the employees, Botha maintains that a handful of executives get the lion’s share.  In his view, it is unacceptable that the identity of these key individuals is not disclosed.  Executive directors Anton Pillay and John Snalam are the only two executives whose remuneration is disclosed.  The lack of transparency was particularly inappropriate, given Coronation’s role in monitoring corporate governance adherence at companies in its portfolio, Botha said.  He has again called on shareholders to vote against the remuneration policy.  In 2017, the policy was put to a shareholder vote for the first time, but in terms of the King code it was nonbinding.  A little more than 15% of shareholders voted against the policy, with the Public Investment Corporation’s 9.53% accounting for more than half of that vote.

  • Read this report by Ann Crotty in full at BusinessLive (paywall access)

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