SacOil to meet shareholders after vote against pay policy
MANAGEMENT of SacOil Holdings will meet major shareholders in the near future to identify their concerns after a 60% vote against the executive remuneration policy at Monday’s annual general meeting. The 60% "against" vote on SacOil’s remuneration is unusually high, although several local institutions regularly raise concerns about remuneration at companies’ AGMss. In recent years, as company profits have weakened, shareholders around the globe have become increasingly discontented with perceived excessive payments to executives.READ THIS: PIC mum on report into SacOil Sacoil’s biggest shareholders at the date of the annual report were the Government Employees Pension Fund with 42.14%, Westglamry (19.6%) and Newdel Holdings (7.42%). Finance director Damain Matroos on Tuesday said SacOil’s investors had not raised concerns on pay before so it was impossible to say now what their objections were. This was a nonbinding advisory resolution, so the majority vote against it did not affec...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.