BusinessLive reports that multinational internet and media group Naspers is heading for another stormy annual general meeting as shareholders demand an explanation for the R1.6bn paid to CEO Bob van Dyk during the year.
This comes even as the company has won institutional support for its considerably improved 2018 remuneration report. Asief Mohamed of Aeon Investment said the just-released report was a significant improvement in terms of disclosure and aligning executive pay with shareholder interests. "But the quantum being paid out is obscene and probably puts Van Dyk amongst the richest 1percent on our planet." The latest report does little to dispel the worry that Van Dyk and his executive colleagues are securing huge payouts because of the stellar performance of the Naspers share price. Almost R1bn of the R1.6bn Van Dyk picked up during 2018 was the payout on shares that had been allocated to him in 2014 when he was appointed CEO. In addition, he cashed in R619.6m in share appreciation rights during 2018. Mohamed believes a platform that could be used to call on global institutions to vote against Naspers’s pay policy is the UN-backed governance investor network, Principles for Responsible Investment, which plays an activist role in promoting good governance.
- Read this report by Ann Crotty in full at BusinessLive
- Read too, Naspers shows its gratitude with handsome salary rewards, at SA Labour News
Get other news reports at the SA Labour News home page