BusinessLive reports that Active Shareholder is the latest activist investor to express concern about the controversial remuneration policy of Coronation Fund Managers and said it would vote against it at Tuesday’s annual general meeting.  

"The incentive is clearly linked to company performance but details of the deferred portion are sketchy and we do not favour the level of discretion implied in the split of the 30% of profit," said Active in its voting statement, referring to the policy of allocating 30% of pretax profits to employees.  In addition, Active will vote against the re-election of chairman Shams Pather to the board and the reappointment of Alexandra Watson to the audit and risk committee.  Active was established in 2017 by a group of nongovernmental organisations (NGOs) to focus on social and governance policies at JSE-listed companies.  Shareholder activist Theo Botha has also given notice of his intention to vote against many of the same resolutions.  On the remuneration resolution, he said the key performance indicators for short-term incentives "are vague and generalised and no details are provided of how the executives’ incentives are arrived at".

• Read this report by Ann Crotty in full at BusinessLive

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