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.

panafricanMiningmx reports that Pan African Resources will be meeting with shareholders who voted against the company’s executive remuneration policy and against a standard resolution to issue shares without having to seek prior shareholder approval.  

Some 51.39% of shareholders at the annual general meeting on 20 November voted against the remuneration policy.  In respect of a resolution to “allot equity securities”, 53.79% of shareholders voted against it.  However, 99.76% of shareholders voted in favour of the re-election of CEO Cobus Loots, whilst other directors received a similarly resounding show of support.  “We take note of the voting and we will engage with shareholders,” Loots indicated.  He was paid R5.3m in the firm’s 2017 financial year, according to the integrated annual report.  For the 2018 financial year, he and other executives agreed to forfeit their short term incentives following the retrenchment of 1,635 employees at the underground section of Evander Mines in Mpumalanga.  The Evander closure cost R161m in retrenchments and an impairment of R1.7bn, which contributed to a R1.56bn loss for Pan African in the 2018 financial year.

  • Read the full original report by David McKay at Miningmx

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