earningsBusinessLive reports that financial services group PSG has undertaken to engage with its shareholders after a hefty 32% vote against the implementation of its remuneration report at Friday’s annual general meeting.  

At the 2017 AGM only 16.47% of shareholders voted against the remuneration resolution.  Concerns about the shortage of independent directors and inadequate disclosure about its remuneration policy appeared to have been behind the increased levels of shareholder opposition.  The Public Investment Corporation (PIC) apparently voted against the pay policy in 2017 on the grounds that it appeared to be inconsistent with best practice.  The PIC has not yet released details of its voting at Friday’s AGM.   PSG chief Piet Mouton said on Sunday that they had taken note of the voting and would “go back to the drawing board and then engage with the dissenting shareholders."  On opposition to the re- election of longstanding directors, Mouton said he felt long-serving directors understood the business better and could make valuable contributions.  The vote against the re-appointment of PwC as auditor almost doubled to 15.26% from 8.7% in 2017.

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