Bitter shareholders in Tongaat-Hulett overwhelmingly voted against the group’s remuneration policy at an annual general meeting on Wednesday. At the meeting, at which 89% of Tongaat’s shareholders were represented, the resolution on remuneration received support totalling just 40.64%. While the vote is nonbinding, such a level of "majority" resistance is not commonplace among listed counters, where a 75% majority is required to pass the resolution. The vote also means the group will need to further engage the dissenting shareholders at another meeting around the remuneration policy. The failed vote came two days after the agribusiness company announced that CEO Peter Staude, who has recently been under fire from some shareholders for Tongaat’s long-term underperformance, would retire in October. The firm had also said that CFO Murray Munro would step down with immediate effect due to health reasons. Barbed criticism The annual general meeting heard barbed criticism of Tongaat’s poor...

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