Shareholder activist Theo Botha calls for Coronation bonus details
Lack of transparency on remuneration of executives is particularly inappropriate, Botha tells fund manager
Shareholder activist Theo Botha is insisting on Coronation Fund Managers disclosing details of the awarding of R604.5m in bonuses to its employees ahead of its annual general meeting next week. While the bonus — equivalent to 30% of taxed profit — is distributed among all the employees, Botha says a handful of executives get the lion’s share. He says it is unacceptable that the identity of these key individuals is not disclosed. Executive directors Anton Pillay and John Snalam are the only two executives whose remuneration is disclosed. The lack of transparency was particularly inappropriate, given Coronation’s role in monitoring corporate governance adherence at companies in its portfolio, Botha said. He has again called on shareholders to vote against the remuneration policy. In 2017, the policy was put to a shareholder vote for the first time, but in terms of the King code it is nonbinding. A little more than 15% of shareholders voted against the policy, with the Public Investmen...
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