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Financial Mail reports that shareholders at transport and logistics group Imperial are clearly unimpressed by the hefty increases awarded executives as part of the restructuring of the group into two entities, Motus and Imperial Logistics.
At the company’s AGM two weeks ago, an unprecedented 48% of investors made their displeasure felt by voting against the remuneration policy. But, Imperial should have expected such opposition, given that shareholders have received almost no return from the company for several years, thus making it clear that the interests of executives are not exactly aligned with those of shareholders. Over the past year, Imperial’s share price fell 23%, and it hasn’t grown earnings or dividends for the past five years. Yet last year, three of its executives scored R80.1m — a 54% increase on the R51m of the year before. The substantial pay hikes came at a challenging time for the group as it is on the verge of spinning off a separate listing for its motoring-related operation (Motus) in a bid to boost its fortunes. But, the shareholders have yet to see any benefit from this overhaul. Nonetheless, Motus CEO Osman Arbee’s "total taxable remuneration" shot up 50% to R30.3m from R20m the year before.
- Read the full original report by Ann Crotty at BusinessLive
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