Ann Crotty Writer-at-large

Naspers has won institutional support for its considerably improved 2018 remuneration report but is heading for another stormy annual general meeting (AGM) as shareholders demand an explanation for the R1.6bn collected by CEO Bob van Dyk during the year. Asief Mohamed, chief investment officer at Aeon Investment, said the just-released report was a significant improvement in terms of disclosure and aligning executive pay with shareholder interests. "But the quantum being paid out is obscene and probably puts Van Dyk amongst the richest 1 percent on our planet." Mohamed believes further improvements are needed to ensure the top executives are not getting an easy ride on the back of the Naspers share price performance. A platform that could be used to call on global institutions to vote against Naspers’s remuneration policy, says Mohamed, is the UN-backed governance investor network, Principles for Responsible Investment, which plays an activist role in promoting good governance. The ...

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