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Business Report writes that Lonmin shareholders have snubbed a report that details the remuneration paid to executive and non-executive directors for the financial year ended 30 September 2018.
A total of 73.8% of shareholders voted against approving the 2018 directors’ remuneration report at the annual general meeting (AGM) held in London on Monday. According to the 2018 annual report, chief executive Ben Magara was paid a total of £1.45-million (R27.57m) in 2018, up from £1.10m in 2017. Magara was the biggest earner at the company, with a hefty package comprising a £475,552 salary, £95,110 in pension-related benefits, £55,155 in taxable benefits and a short-term incentive of £825,133. Lonmin’s chief financial officer, Berrie van der Merwe, was awarded total remuneration of £737,268. There were no long-term incentives in 2018. The company’s remuneration committee said that in terms of its balanced scorecard compensation bonus plan it had agreed that 65% of the bonus should continue to be linked to operational objectives, with the balance attributable to specific financial and strategic priorities. Lonmin, which is the subject of a takeover by Sibanye-Stillwater, delivered a strong operational and financial performance in 2018. But, chairperson Brian Beamish indicated that, despite Lonmin’s milestones in 2018, the group’s liquidity remained insufficient to drive the new projects necessary to avoid shaft closures and job losses.
- Read the full original of Dineo Faku’s report on the above story at Business Report
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