Theo Botha urges vote against Coronation’s pay policy
The AGM will be the first time that shareholders will be given an opportunity to vote on the remuneration policy
Shareholder activist Theo Botha is urging shareholders of Coronation Fund Managers to vote against the group’s remuneration policy at the annual general meeting (AGM) in February. The upcoming AGM will be the first time that shareholders will be given an opportunity to vote on the remuneration policy. Shareholders were previously provided with very little information about remuneration policy and this is set to change too. AGM votes on remuneration are nonbinding. Coronation’s decision to provide shareholders with some information and allow them to vote on the policy follows two years of dogged engagement by Botha. The decision may also have been influenced by evidence that the Companies and Intellectual Properties Commission has become more active in overseeing the application of the Companies Act.
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