BusinessLive reports that, after stern resistance to the nonbinding vote on remuneration policy at a recent annual general meeting, Remgro’s engagement on Thursday with dissenting shareholders on the matter lasted only 20 minutes.  

It was a courteous affair with indications that shareholders had mostly corresponded with Remgro on the remuneration matter before the meeting.  The engagement was called by Remgro after nearly 40% of shareholders voted against the policy on remuneration and the implementation of the policy.  The most prickly issue was Remgro chairman and de facto controlling shareholder Johann Rupert serving as the chairman of the remuneration committee.  A separation in the roles of chairman of the board and chairman of the committee was urged.  But, Remgro CEO Jannie Durand said the board was supportive of Rupert chairing the committee as he was a large shareholder who drew no salary and was not involved in the executive incentive scheme.  He also reiterated the difficulty in setting up long-term performance hurdles in executive incentive schemes when a company operated as a diversified investment company.

• Read this report by Marc Hasenfuss in full at BusinessLive

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