Datatec investors in resounding ′no′ vote against executive pay policy
Shareholders were also unhappy with the tenure of both the company’s nonexecutive directors and external auditors
Datatec shareholders made their concerns heard by going for the executives’ pockets, voting against the implementation of the firm’s remuneration policy on Thursday. A major 62.8% of shareholders voted against the implementation of the company’s remuneration report. The technology firm also tabled its remuneration policy for the year to February 2019 and got away with it as 50.2% voted in favour of it. Datatec said its shareholders were unhappy about a couple of other issues as well, including the tenure of both the company’s nonexecutive directors and external auditors. But the resolution on the reappointment of auditors was narrowly passed as 57.9% of shareholders voted in favour of it while the re-election of one of the nonexecutive directors was withdrawn by Datatec. A wave of shareholder activism has swept through the JSE -listed companies in the past few months.
A number of companies faced opposition to their pay policies: 59.36% of Tongaat Hulett’s shareholders voted ag...