Shareholders unhappy over MultiChoice pay policy - TechCentral

Shareholders unhappy over MultiChoice pay policy

Shareholders in MultiChoice Group sent a strong message to management at the company’s first annual general meeting as a JSE-listed company, registering their displeasure over its remuneration policy.

Only 50.3% of shareholders present at Thursday’s AGM in person or via proxy endorsed the remuneration policy, while even fewer — 44.7% — endorsed its implementation.

However, the result of the two “advisory resolutions” are non-binding on MultiChoice.

“The board and the remuneration committee invite those dissenting shareholders to engage with the company by forwarding their concerns/questions on the remuneration policy and the implementation thereof to the company secretary in writing by e-mail,” MultiChoice said in a statement to shareholders on Friday.

They have until 20 September to do so, after which the company has promised to respond to those who have made submissions.

One binding resolution didn’t pass shareholder muster at the AGM either, namely the general authority to issue shares for cash. This resolution received the support of 60.6% of shareholders and was therefore not passed under JSE regulations, which require 75% shareholder support.

Though the re-election of all directors was approved, shareholders here, too, weren’t universally in favour of all the re-appointments. Jabu Mabuza received the support of 86.8% of shareholders, Don Eriksson 73.3%, Steve Pacak 62.7% and Imtiaz Patel 77%.  — (c) 2019 NewsCentral Media

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