Activists join resistance to Coronation policies
Active Shareholder is the latest activist investor to express concern about the controversial remuneration policy of Coronation Fund Managers and said it would vote against it at Tuesday’s annual general meeting. "The incentive is clearly linked to company performance but details of the deferred portion are sketchy and we do not favour the level of discretion implied in the split of the 30% of profit," said Active in its voting statement, referring to the policy of allocating 30% of pretax profits to employees. In addition, Active will vote against the re-election of chairman Shams Pather to the board and the reappointment of Alexandra Watson to the audit and risk committee. Active, recently established by a group of nongovernmental organisations (NGOs) to actively manage the voting of their share portfolio, is also voting against the provision of inter-company financial assistance and share buy-backs. Active was established in 2017 to focus on social and governance policies at JSE-...
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