COMPANY COMMENT: Caxton annual report has a sense of déjà vu
Caxton has not just repeated the general message of the 2016 remuneration report, it has repeated it word for word.
It’s nice to see that at least one company has not been swept away in a giddy attempt to stay onside with the corporate governance police. Annual reports have become little more than marketing tools designed to promote a picture of a King code-abiding board and management team. Inevitably, these reports become denser and larger by the year and, sadly, less useful to stakeholders. So how refreshing to see Caxton stick with the old annual report format and produce a pithy 80-page document with almost no pictures. Best of all is that the remuneration section runs to just nine paragraphs. This makes it a much easier read than the remuneration section of almost any other JSE-listed entity. Indeed, Caxton was so determined the remuneration report should not be a taxing affair that in 2017, it decided to just repeat everything it said in 2016. Not only does this make it easier for stakeholders to stay on top of the issue, but it must surely save on the cost of producing remuneration report...
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