Ann Crotty Writer-at-large

For the past three years Naspers has avoided revealing the substantial level of opposition to its controversial remuneration policy by lumping its two classes of shares together when disclosing voting details, in what seems like contravention of JSE rules.A trawl through the figures released after each of the past three annual general meetings indicates a higher level of opposition to remuneration than at any other JSE-listed company. In 2015 it appears that a hefty 55% of its N shareholders, who own the company’s listed stock with limited voting rights, voted against the policy. This increased to 63% in 2016 and 66% in 2017.If abstentions are included, the level of opposition increases to 60%, 75% and 76% respectively, which is an unprecedented negative response by South African shareholders.Some shareholders have been outspoken about the group’s executive pay policy, saying it unfairly and richly rewards executives for the performance of the immensely successful Chinese internet g...

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