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BusinessLive reports that a binding vote on executive remuneration is on the Department of Trade and Industry’s (DTI’s) radar, but it is not certain it will be included in the Companies Amendment Bill due to be put to the Cabinet next month.
The DTI’s MacDonald Netshitenzhe said some stakeholders were keen to see a binding vote included in the Companies Act, but many stakeholders were not. At present, there is no requirement in the act for any form of vote on a company’s executive remuneration policy. It only requires companies to disclose the compensation paid to directors and prescribed officers. The King code recommends that listed companies put a nonbinding resolution to their shareholders to give them an opportunity to indicate their support for the company’s remuneration policy. The JSE indicated in November that it was considering including a mandatory, though nonbinding, vote on remuneration in its requirements.
- Read this report by Ann Crotty in full at BusinessLive
Get other news reports at the SA Labour News home page