Naspers shareholders revolt against Koos Bekker's decree
A majority of N shareholders vote against the group's pay strategy as well as directors’ control of unissued shares
A hefty 50% or more Naspers N shareholders appear to have voted against the media and technology group’s controversial remuneration policy and almost 60% against giving directors control of unissued shares, clearly indicating their unhappiness with the board’s performance. This degree of opposition by shareholders of a JSE-listed company is unprecedented and raises questions about Naspers’s obligation under JSE rules to engage with shareholders about its remuneration policy. There are 907,000 A shares and each has voting rights equivalent to 1,000 N shares. They control 68% of Naspers’ votes, while the 438-million listed N shares control just 32% of the votes. The A shares appear to be controlled through a complex web of holdings by Naspers’ chairman Koos Bekker, veteran director Cobus Stofberg and Sanlam. Bekker has long defended the structure on the grounds that partners, such as Tencent, need to be confident that control of Naspers is secure. In terms of recently introduced rules...
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