Allan Gray will vote against Naspers executive pay plan
Naspers shareholder Allan Gray plans to vote against the remuneration policy of Africa’s biggest company because it is not aligned to the performance of the business outside a stake in Chinese media giant Tencent Holdings. Naspers paid CEO Bob van Dijk $2.2m in the year to end-March, an increase of 32%, and awarded him $10.4m in long-term share options. That corresponded with a period in which the Cape Town-based company reported a trading profit of $2.75bn — but a loss of $379m when Tencent is stripped out. The pay plan "is not aligned with shareholders’ interests, the disclosure is poor, and the performance targets appear to be very easy to achieve", Pieter Koornhof, investment analyst at Allan Gray, said in e-mailed comments. "On top of that, they are now also proposing to shorten the vesting periods for the long-term incentives." Allan Gray owns about 2.3% of Naspers stock. Its objections were first reported by Business Day. The Public Investment Corporation (PIC), Africa’s larg...
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