COMPANY COMMENT: Muzzling activist is not Koos Bekker’s best strategy
Bekker’s decision to call a halt to questions was not only petulant but possibly a contravention of the Companies Act
It’s delightfully ironic that the shareholder with most impact at Naspers’s annual general meeting last week was the one with the least voting firepower. The outcome of the meeting was secure long before it was actually held, thanks to the high-voting unlisted A shares. Each A share has voting rights equivalent to 1,000 Naspers N shares.With this in mind, it is with a good deal of surprise that we can report that executives at property specialist Stor-Age Property Reit came in for praise for their executive pay scheme. At Thursday’s meeting, combative shareholder activist Chris Logan — not renowned for gushing at these events — complimented Stor-Age executives on their modest salaries. The collective salary payment in the 2017 year for the top three executives (including CEO Gavin Lucas) was R3.6m. Each executive took home R1.2m with no bonuses or other accoutrements. Nonexecutive directors’ fees were just R880,000. That’s not excessive for a company with a market cap of more than R...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.