Ann Crotty Writer-at-large

PSG has undertaken to engage with its shareholders after a hefty 32% vote against the implementation of its remuneration report at Friday’s annual general meeting. Concerns about the shortage of independent directors and inadequate disclosure about its remuneration policy appear to be behind increasing levels of shareholder opposition. PSG CEO Piet Mouton said on Sunday that they had taken note of the voting. "We will go back to the drawing board and then engage with the dissenting shareholders."

On opposition to the re- election of longstanding directors, Mouton said he felt long-serving directors understood the business better and could make valuable contributions. In voting at Friday’s AGM there was an almost doubling of the vote against PSG’s remuneration policy. In June 2017 only 16.47% of shareholders voted against the remuneration resolution. The Public Investment Corporation’s voting record reveals that it voted against the policy on the grounds that it appeared to be ...

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