Mr Price ‘disappointed’ at opposition to pay policy

Mr Price Group says it is “disappointed” by heavy opposition to its pay policy, with the retailer calling for feedback from shareholders.

At the group’s annual general meeting (AGM) on Wednesday, more than a third of votes cast were against its remuneration policy. That compares to 14% of votes in 2018.

Ahead of the meeting, the group said it reached out to its 20 largest shareholders, who collectively own about half its stock, to seek input on its pay policy.

“Through this process, senior management, the chair of the remuneration and nominations committee and the group head of investor relations actively engaged with 14 of these 20 shareholders,” Mr Price said on Thursday.

“Mr Price Group is disappointed at the overall result of the voting on these resolutions, particularly given the positive results of the remuneration resolutions at the 2018 AGM and the policy and implementation adjustments that have been made over the course of the 2019 financial year,” it said.

Mr Price said it would engage with shareholders “to understand more fully the concerns around the remuneration policy and implementation thereof”.

hedleyn@businesslive.co.za