Ann Crotty Writer-at-large
Koos Bekker. Picture: BLOOMBERG
Koos Bekker. Picture: BLOOMBERG

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.

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