Moneyweb reports that the pushback from shareholders at last year’s AGM, where both non-binding resolutions on remuneration failed to be approved, seemingly caught FirstRand off guard.  

Both resolutions received votes in favour just under the 75% threshold.  This, said FirstRand chair Roger Jardine “gave us cause to undertake some deep introspection”.  So, the group completely overhauled its remuneration report this year and Jardine pointed out that it outlined “the process we went through to understand the issues, which we saw as partly design and partly disclosure”.  He indicated further:  “We engaged with investors and analysed proxy voter services’ reports on design and commissioned independent research to benchmark our disclosure relative to local and international peers.  We have made significant changes to both, and I hope this better demonstrates that true alignment between management and shareholders does exist.”  Chair of the board’s remuneration committee Grant Gelink said the remuneration committee believed that the changes implemented, and the improved disclosure in the report, substantially addressed concerns.

• Read the full original of the report in the above regard by Hilton Tarrant at Moneyweb

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