The three longest-serving nonexecutive directors on the Net1 board received a hefty vote against their reappointment at Thursday’s annual general meeting (AGM). However, all three secured sufficient votes to hold on to their directorships because there were no alternatives. The three nonexecutive directors — Christopher Seabrooke, Alasdair Pein and Paul Edwards — have been on the board since 2005. Until a few months ago, when Alfred Mockett was appointed to the board, the threesome were the only nonexecutive directors. The shareholders also took a tough stance on executive pay and backed the holding of an annual advisory vote on executive remuneration. For 2017, Herman Kotze, who served as CEO for one month after Serge Belamant’s dramatic departure at end-May, received $2.5m. The AGM results appear to reflect shareholders’ frustrations around the scandal over Cash Paymaster Services’ contract with the South African Social Security Agency (Sassa). The two largest shareholders, Allan ...

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