About a quarter of Pick n Pay shareholders voted against its executive pay policy, almost triggering a JSE rule that would have required the food retailer to formally take steps to tackle their concerns.

The non-binding vote at the virtual shareholder meeting shines a harsh spotlight on the company and its share price performance and came as Pick n Pay flagged as much as a 50% drop in half-year earnings, citing coronavirus expenses, store closures and voluntary severance package expenses during the lockdown. That sent its shares tumbling more than 5%...

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