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Fin24 reports that Sibanye-Stillwater shareholders holding almost half of the company's shares have demonstrated their dissatisfaction with the generous pay packages dished out to the mining company's executives, including a R190 million payday for its CEO, Neal Froneman.
At the company's AGM on Friday, shareholders holding 47.92% of company stock voted against Sibanye's remuneration implementation report, while 52.71% voted in favour of it. When shareholders holding more than 25% of shares vote against such a non-binding advisory vote, companies are required to engage with shareholders over their concerns. This was the case last year too when just over 26% of shareholders voted against executive pay packages, which included Froneman's jaw-dropping R300 million remuneration package. Sibanye's James Wellsted explained that the remuneration questions posed by shareholders at Friday's AGM sought to understand how the remuneration worked. "But there were one or two questions about – in the instance where we've had fatalities or safety incidences – how do we still justify paying incentives?" he said. The company recorded five fatalities in 2022, compared with 21 in 2021. Following last year's AGM, Wellsted said Sibanye had met with main shareholders to engage them on their concerns, and this resulted in the board making amendments to the remuneration policy. "But there's still some pushback, so we'll go on the road again and try and engage and get some sort of agreement," he said.
- Read the full original of the report in the above regard by Lisa Steyn at Fin24
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