AlexanderForbesMoneyweb reports that a significant proportion of Alexander Forbes shareholders voted against its remuneration policy at its annual general meeting (AGM) on Friday.

Shareholders holding 42% of the listed company’s shares that voted at the AGM were against the non-binding resolution adopting the company’s remuneration report. After indicating the results of the vote, Alexander Forbes chair Marilyn Ramplin noted that the company had completed an extensive governance roadshow before its AGM. The roadshow had dealt with feedback about the company’s remuneration policy and its implementation report. However, despite these engagements, the resolution dealing with the company’s remuneration policy received a vote against by over 25% of the company shareholders. Advisory votes need 75% support. If that threshold is not reached, the Johannesburg Stock Exchange requires the company to address the issue with its shareholders. Ramplin asked any other shareholders who wished to discuss thye remuneration implementation report to approach the company by 15 September. “Depending on this feedback, the company will establish whether a further meeting of concerned shareholders is required. If so, we will communicate the details in an announcement,” Ramplin indicated. There was also strong shareholder opposition (44%) to the re-election of Andile Mazwai as a non-executive director and audit and risk committee member. Over 39% of shares voted at the AGM were also cast against the re-election of non-executive director Richard Head as an audit and risk committee member.


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