When one of the largest and most powerful shareholders in the country expresses frustration about an issue, it’s probably safe to assume that it has got out of control. In a recent unprecedented move, Allan Gray expressed outrage at the financial settlement claimed by Serge Belamant on his retirement as CEO of Net1. "We are very surprised that Belamant was able to negotiate such an extravagant deal after such broad public censure and believe that it is unjustified given current circumstances." The fund manager said that for a number of years, it had been concerned about these generous ex-gratia payments made to executives and the fact that shareholders are unable to block them. Its attempts to introduce a binding shareholder vote on such payments have come to nothing despite engagements with the King 4 project team and the JSE. Welcome to the real world, Allan Gray. This is the world of the 99% who are forced to look on in disempowered horror every time a listed firm announces an ob...
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