COMPANIES LAW
Bill pushes remuneration reports for shareholders
The bill proposes that the remuneration report be presented at AGM's
Trade & industry minister Rob Davies has gazetted the Companies Amendment Bill that proposes a number of changes including steps that companies must take in the development of remuneration policies. These are usually a bone of contention between shareholders demanding accountability and transparency and managements eager to hold on to highly mobile executive talent. The bill has proposed that directors of a public company should prepare a directors’ remuneration report for presentation to shareholders at the entity’s annual general meeting (AGM) for each financial year. According to the proposed changes, the report should entail a background statement, an overview of the main provisions of the company’s policy on remuneration and an implementation report with details of remuneration and benefits awarded to individual directors. "The directors’ remuneration report must be approved by the board and signed on behalf of the board by a director of the company," the bill said. Shareholder...
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