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Moneyweb reports that in what was largely seen as a protest against a generous exit package granted to former Woolworths CEO Ian Moir, an unprecedented 82.24% of shareholders voted against the group’s remuneration implementation report at the annual general meeting (AGM) on Wednesday.
But because it was a non-binding advisory vote, the board will not be bound by the vote. Moir championed the R21.4 billion acquisition of Australia-based retailer David Jones in 2014, but the Moir-led management team failed to turn around the struggling retailer. In February this year, after almost two years of market speculation, Woolworths announced Moir was stepping down as CEO of the group. However shareholders were outraged when it emerged that Woolworths had committed to paying its retiring CEO R77 million. Slightly over half of that sum – R43 million – is payment for 2020, but R34.3 million is a restraint of trade payment to be paid to Moir in 2023 if he adheres to the terms of the restraint. At Wednesday’s AGM, remuneration committee chair Zarina Bassa said the R44 million “exit arrangement” had allowed for a thorough and seamless transition between Moir and new CEO Roy Bagattini. She pointed out that Moir had not received any bonuses or salary increases for the last four years. One shareholder commented that while the opposition to the remuneration was largely attributable to Moir, there was also concern about the R15.7 million Bagattini received for the four months he was CEO.
- Read the full original of the report in the above regard by Ann Crotty at Moneyweb
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