Grand Parade Investments (GPI), which represents Burger King in SA, became the second company in a week to have its pay policy rejected by investors. “I think shareholders know that fundamentally Grand Parade has not performed for at least three years, so why should the revolving door of management get performance bonuses and pay increases?,” said independent analyst Anthony Clark. As many as 60.6% of votes cast at the company’s annual general meeting (AGM) on Wednesday evening went against the remuneration policy. Last week, shareholders of Spur Corporation, which counts Grand Parade as a major investor, voted down the group’s pay policy with as much as 74.9% of the vote. Wednesday’s meeting came at a tumultuous time for GPI, which lost another CEO on Monday when Prabashinee Moodley resigned after less than five months in the job. She became the third CEO to leave in less than two years. At the time, the board gave a cryptic explanation for her departure. "Given Ms Moodley’s passio...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now