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Fin24 reports that a resolution for the endorsement of the remuneration implementation report of Gold Fields, including a golden handshake for former CEO Chris Griffith of three years' pay, garnered less than two-thirds shareholder support on Wednesday at the AGM.
The report got just over 64% of the vote, while over 35% voted against it. According to JSE requirements, a vote against of more than 25% requires the company to begin engagements on the concerns. As such, dissenting shareholders have been called on to email the company secretary before 23 June. According to Gold Fields’ 2022 annual report, Griffith's total remuneration was almost $5.1 million (about R83 million using the then-average exchange rate) with almost $3 million (R49 million) of this made up of "other payments," including his termination agreement. Griffith's contract with Gold Fields included a two-year restraint of trade – or a clause which prevents him from working for competitors. Griffith was also not required to work his 12-month notice period and received payment in lieu of that. Griffith joined the company in April 2021 but stepped down in December last year after a deal to acquire Yamana Gold, a Canadian precious metals company, soured. All other resolutions at Wednesday's AGM were passed with the requisite amount of votes, including the remuneration policy itself – which outlines how total remuneration is structured - and was endorsed with 91% of the vote.
- Read the full original of the report in the above regard by Lisa Steyn at Fin24
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