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BusinessLive reports that shareholder activist Theo Botha is urging shareholders of Coronation Fund Managers to vote against the group’s remuneration policy at the annual general meeting (AGM) in February.
Coronation’s decision to provide shareholders with some information and allow them to vote for the first time on the remuneration policy follows two years of dogged engagement by Botha. Nonetheless, AGM votes on remuneration are nonbinding. On Wednesday, Botha said Coronation had still failed to provide shareholders with any information that would allow them to make an informed decision as there were no details on key performance indicators or the basis for awarding bonuses. Jock McKenzie, chairman of the remuneration committee, said Coronation’s "holistic" performance assessment process, "enables us to make an assessment of an individual without excessive reliance on mechanistic, quantitative metrics or key performance indicators".
- Read this report by Ann Crotty in full at BusinessLive
Get other news reports at the SA Labour News home page