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BL Premium reports that about a quarter of Pick n Pay shareholders voted against the executive pay policy at the annual general meeting on Tuesday, almost triggering a JSE rule that would have required the food retailer to formally take steps to tackle their concerns.
The non-binding vote on the remuneration implementation report is a way for shareholders to express unhappiness with directors’ and executives’ pay. The pay policy passed with just over three-quarters of shareholders voting in favour. Mehluli Mncube, speaking as a proxy for five undisclosed pension funds, posed eight questions related to the link between executive pay, bonuses and performance targets at the company, which has trailed its closest rival, Shoprite, operationally and in the stock market. Mncube commented after the meeting that there was "not enough transparency" around executive pay and performance targets. "It becomes difficult to judge their [executive] performance," claimed Mncube, whose long-standing concern has been chair Gareth Ackerman’s pay. Ackerman said the company would directly approach shareholders who had voiced dissent over the company’s pay policy. But according to Mncube, his questions should have been answered publicly as an AGM was a platform to "raise public issues in the public domain". In 2020, Pick n Pay CEO Richard Brasher took home R12.4m as he and the executive team did not receive incentive bonuses, making up much less than the R31.9m he earned in 2019.
- Read the full original of the report in the above regard by Katharine Child at BusinessLive (paywall access only)
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