For the first time media and internet group Naspers has separately disclosed the voting details of its listed N shares, revealing the extent of opposition to its remuneration policy and other governance issues. The results showed that 57% of N shareholders opposed the group’s remuneration policy at Friday’s unprecedented three-hour long annual general meeting (AGM), during which Naspers shareholders were given the opportunity to quiz the board and top executives on a wide range of issues. Naspers has a controversial control structure, which provides for 907,128 unlisted A shares, each of which has the same voting rights as 1,000 N shares to control 67.4% of the group.

57% The ratio of holders of N shares who opposed the remuneration policy

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