Ruffled feathers as Astral shareholders vote against Theuns Eloff’s pay
Market watchers are puzzled as Eloff is highly regarded and the ‘big bird’ of the JSE’s poultry sector expects a 410% increase in earnings
Astral Foods, the "big bird" of the JSE’s poultry sector, finds itself in the awkward position of not being able to pay its well-regarded nonexecutive chairman, Theuns Eloff. At a general meeting on Thursday, Astral shareholders voted against a resolution to approve the R1.1m annual remuneration to Eloff. The resolution was taken after shareholders voted down a special resolution on Eloff’s remuneration at its annual general meeting in February. Astral directors were not available for comment at the time of going to press. The company’s investment relations firm said directors were locked in a strategy session on Eloff’s remuneration. In a Sens statement, Astral said: "Astral now finds itself in a position where it has a chairman who cannot be remunerated. Astral will be seeking advice and will consider options available in this instance." How the matter is taken forward will be interesting to gauge, with corporate lawyers and the JSE not accustomed to such an event. The development...