Struggling sugar producer Tongaat Hulett has heeded shareholder concerns over executive pay and performance, paying no bonuses to executives and senior managers in the past financial year as profit targets were not met, according to its latest annual report. In 2017, 27.5% of shareholders voted against Tongaat’s remuneration policy, prompting engagement with some shareholders and a commitment to work with independent pay consultants to ensure concerns are addressed and its policies are in line with best practice and governance codes. The company also commissioned an independent consultancy to conduct a study of pay levels in its South African operations, with the research concluding that "most employees" are being paid "within acceptable salary ranges", according to the report. Tongaat, whose share price is down nearly 25% so far in 2018 and trades at less than half its 2014 peaks, has significantly underperformed the JSE’s all share index and the food producers’ index over the past...

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