For the second year in a row, Spur Corporation’s shareholders have shot down the group’s pay policy, this time with an unprecedented three-quarters of the vote. “This is a sign of the times — if you don’t perform then you are going to feel the weight of shareholder activism,” said investment analyst Chris Gilmour, citing heavy opposition to Absa’s remuneration policy earlier in the year. As many as 74.9% of votes cast at Spur’s annual general meeting (AGM) on Thursday were in opposition to the group’s remuneration policy. The company plans to hold an “engagement session” with shareholders, members of its remuneration committee and executive management in late January 2019. In 2017, 51% of votes opposed the pay policy. Spur said after that AGM that investors had been concerned that its long-term incentive schemes could reward “mediocre or non-performance”. They had also been concerned that not enough emphasis was being placed on the effective employment of capital in determining shor...

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