REMUNERATION
Coronation refuses to shed light on office holder’s pay despite law
Coronation's assets under management dropped R27bn year on year and its share price has halved in the past 12 months
Coronation Fund Managers (CFM), one of the country’s largest fund managers, continues to refuse to disclose details of the remuneration paid to its chief investment officer, despite this being a requirement under the Companies Act. According to the act, annual financial statements must include "details of service contracts of current directors and individuals who hold any prescribed office in the company". At its annual general meeting on Tuesday, Hugo Nelson, the chair of Coronation’s remuneration committee, said the committee believed its remuneration report was comprehensive. "We don’t think such disclosure is to anyone’s benefit." Nelson was responding to shareholder activist Theo Botha, who told the meeting that the act required the disclosure of remuneration paid to directors and prescribed officers. Botha said that as chief investment officer, Karl Lienberger was a prescribed officer. Coronation, which saw a R27bn year-on-year decline in assets under management to R587bn, and...
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