REMUNERATION
Tongaat’s executive pay under scrutiny
Old Mutual Investment Group is not satisfied with Tongaat Hulett’s executive pay structure and says it plans to discuss the issue with the company. This comes after Investec Securities said in a report that it wanted Tongaat CEO Peter Staude to step down after the sugar producer’s "appalling" annual results and underperformance over the past decade. "We welcome the fact that brokerage houses are taking an active interest in these kind of governance-related issues," said Jon Duncan, head of responsible investment at Old Mutual Investment Group. "As an asset manager, our preferred approach is to raise concerns directly with management teams as a basis for productive engagement," he said. Old Mutual was concerned about the way Tongaat’s executive remuneration was structured and voted against the pay policy at the annual general meeting in August 2017. "We will be engaging management on this issue in order to seek greater alignment between company strategy and reward structure," Duncan ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.