Naspers dissidence admitted
Shareholders get chance to quiz board and top executives on several issues at AGM
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