This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
Moneyweb reports that an astonishing 71.17% of TFG shareholders who participated at the retail group’s annual general meeting (AGM) last Thursday voted against its executive remuneration policy.
This was nearly double the number of shareholders (40%) who dissented on this resolution last year. The non-binding resolution saw 78% of the group’s total shares voted, with some 4% of shareholders abstaining. The outcome was unprecedented, and among the highest ever level of ‘no’ votes received by JSE-listed companies on their remuneration resolutions. Shareholders are required to weigh in on companies’ remuneration policies as well as their implementation in two separate non-binding advisory votes. At TFG, less than 29% of those who voted were in favour of the group’s pay policy. Generally, this signals displeasure at the factors used in determining the remuneration of executives. TFG also failed to achieve the ‘required’ 75% level on its remuneration implementation report as only 56.67% of shareholders who participated were in favour, while 43.33% voted against. Companies are required to formally canvas dissenting shareholders if they fail to achieve the 75% threshold, but this process seldom yields meaningful participation. In 2023, TFG CEO Anthony Thunström was paid a total of R63.88 million, which included R31.445 million in deferred incentives (under the long-term scheme). CFO Bongiwe Ntuli was paid a total of R29.497 million, which included R14.79 million in deferred incentives.
- Read the full original of the report in the above regard at Moneyweb
Get other news reports at the SA Labour News home page