The Citizen reports that Shoprite Holdings, the continent’s largest retailer, has made a surprising about-turn on executive remuneration.  

This follows its 2017 annual general meeting (AGM) on Monday where 29.89% voted against a non-binding resolution on its remuneration policy and 28.58% voted against the implementation thereof.  Shoprite has invited shareholders who voted against the remuneration policy and the implementation of it to “engage with the company” in a closed teleconference to be held on Tuesday.  This marks a change in stance for a group that has historically paid its executives very well and almost stubbornly refused to engage on remuneration matters.  It is also the first time that a large JSE-listed company has had a formal, publicised engagement which is openly-accessible to all shareholders to deal with remuneration concerns.  In the 2016 financial year, the group was slammed for paying then-CEO Whitey Basson R100 million, including a R50 million bonus.

• Read this report by Hilton Tarrant in full at The Citizen

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