Investors reject pay policy of Burger King franchise holder
As many as 60.6% of votes cast at Grand Parade Investments's annual general meeting went against the remuneration policy
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...
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