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BusinessLive reports that shareholders of pay-TV provider MultiChoice, which recently flew the Naspers coop, have rejected the implementation of the operator’s pay policy.
At MultiChoice’s annual general meeting on Thursday, 55.3% of votes cast were against the implementation of company’s remuneration policy, while 49.7% of votes were against the pay policy itself. Equity analyst Charl Wolmarans noted that shareholders might have been unhappy with the amounts being paid to the company's executives, particularly the long-term incentives. The four top executives at MultiChoice earned a total of R54.5m in salaries, according to the company’s first annual report as a listed company. “In time, the market might become more appreciative of what MultiChoice is doing. As they start growing the African business and they turn that around, the market may appreciate the long-term incentives as a more accurate description of what the executives contribute to the business, but at this stage I think the market is worried they are paid large sums [while] those goals have not been achieved yet,” said Wolmarans. The MultiChoice board and remuneration committee have invited the dissenting shareholders to engage with the company.
- Read the full original of the above report by Nick Hedley and Mudiwa Gavaza at BusinessLive
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