Disgruntled shareholders of TFG, the owner of Foschini and Sportscene, failed to fully approve the company’s remuneration policy for a third year in a row, forcing it to defend rewarding its CEO while it posted its first loss.

TFG held its annual general meeting on Thursday, at which shareholders were required to vote in two non-binding votes on whether they support what top executives take home and how the pay is structured. Both advisory votes failed to garner 75% support, triggering a JSE rule that the company must meet unhappy investors...

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