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Many dissenting Capitec shareholders vote against R177m package paid to top three executives

Details

earningsFin24 reports that shareholders who hold almost half of Capitec's shares have voted against the remuneration package of R177 million paid to its top three executives in the past year.

Investors holding 47.5% of its shares voted against the implementation of Capitec's 2022 remuneration policy at its Annual General Meeting on Friday. Capitec’s CEO Gerrie Fourie bagged R92.8 million, an 88% increase from the R49.2 million he earned in guaranteed pay and incentives a year earlier. CFO Andre du Plessis got R60.4 million, also an 81% increase from the R33.3 million he earned the previous year. The bank's executive for risk management, Nkosana Mashiya, was paid R24.3 million, a 73% increase from his previous R14 million. Shareholder votes on remuneration policies are non-binding, meaning that Capitec can pay executives even if shareholders vote against it. But if shareholders holding 25% or more of the company voted against the policies, the company must engage them to try to find a common ground. Capitec has invited dissenting shareholders to submit written questions or comments by 6 June 2022 and the bank's remuneration committee (Remco) will then engage them on 14 June. This is the second year in a row that more than 25% voted against the implementation of the bank's remuneration policy. At the 2021 AGM, investors holding more than 51% of shares shot down the implementation report, an unprecedented number of dissenting votes for the bank on this issue. The bank's Remco said it saw its remuneration policy as a key component to attracting and retaining employees because there was a "fierce" battle for talent in the financial sector right now.

  • Read the full original of the report in the above regard by Londiwe Buthelezi at Fin24
  • Read too, Capitec under fire – again – for its executive pay, at Moneyweb


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