BL Premium reports that aviation company Comair’s remuneration policy and the tenure of its board members are set to come under the spotlight at Tuesday’s annual general meeting (AGM).
The shareholders will be asked to approve the company’s remuneration policy and a number of other resolutions, including an increase of the chair’s fees from R1.59m to R1.67m. Comair, the operator of Kulula.com and British Airways in SA, has also proposed that fees for its joint deputy chairs increase from R464,576 to R487,805, while those of ordinary nonexecutive directors are set to increase from R199,104 to R209,059. But, Proxy View, which advises institutional investors and asset managers, said the chair’s fee was excessive and indicated that: “We do not support remuneration resolutions where the chair’s fee is more than 250% of the fees paid to an ordinary member of the board.” Proxy View also raised concerns about the tenure of some of Comair’s nonexecutive directors, saying some had been on the board too long to be considered independent. Comair defended the nonexecutive directors and their independence. Meanwhile, former Comair CEO Erik Venter did not get a performance bonus in the 2019 financial year despite a strong financial performance. While Venter, who worked the full 12 months, did not receive anything, other executive directors received bonuses ranging from R1m to R747,000. Comair said there was nothing untoward about the decision not to award a performance bonus to Venter and that the move was in line with the rules of its remuneration policy.
- Read the full original of the report in the above regard by Siseko Njobeni at BusinessLive (paywall access only)
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