Today's Labour News

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earningsMoneyweb reports that shareholders slammed Barclays Africa Group (soon to be renamed Absa Group) on executive pay at the group’s AGM last Tuesday, with 47.4% of those present voting against the company’s remuneration report.  

The group had put two non-binding resolutions to the vote, namely one on the group’s policy and the other on its implementation.  In the case of the former, 76% voted in favour, but a vote of just 52.6% in favour of the group’s implementation of its remuneration was damning.  The third largest shareholder, Old Mutual Investment Group, voted against the non-binding resolution on the remuneration implementation report.  In its published reasons for this, it said “a vote against this item is warranted [as] one-off awards of restricted shares have been made to executive directors.  The performance conditions attached to these awards are based on a qualitative assessment of individual performance (and thus opaque to shareholders), and the performance period for these awards is less than three years.  Separately, the targets which apply to the performance share awards made during FY2017 are not disclosed.”  The bank’s second-largest shareholder, the Public Investment Corporation (PIC) with 6.56%, more than likely also voted against the resolution.  And it is understood that Allan Gray also voted against the implementation resolution.

  • Read this report by Hilton Tarrant in full at Moneyweb

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