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Moneyweb reports that as Old Mutual suspended its chief executive officer Peter Moyo on Friday, then announced it had decided to “separate” with him, shareholders stunningly rejected the remuneration of the company’s executives at its annual general meeting (AGM).
The non-binding resolution on the implementation of the remuneration implementation report, in other words what it paid its executives in 2018, was rejected by 69.13% of shareholders who voted at the AGM. Only 30.87% voted in favour. This was only the second time that shareholders of a JSE Top 40 company had rejected outright a company’s remuneration. The first instance was at Shoprite’s October AGM, where ordinary shareholders voted overwhelmingly against both remuneration resolutions: the policy and its implementation. Both passed overall thanks to the high-voting deferred shares, a structure the group is trying to unwind. Old Mutual’s non-binding vote on its remuneration policy received 54% of votes in favour, which was below the 75% required. Last year, Moyo was paid a total of R50.571 million. This included nearly R14 million in distributions from the unbundling of Quilter plc and Nedbank – something described by the group as an “unintended consequence”. He also received a R4.92 million sign-on bonus in 2017.
- Read the full original of Hilton Tarrant’s report in the above regard at Moneyweb
Get other news reports at the SA Labour News home page