AYABONGA CAWE: Alarm over FirstRand executive pay aligns with fight against inequality
Defence of the Covid-19 instrument aimed at cushioning the returns from long-term incentives for top brass is revealing
Last week’s FirstRand annual general meeting (AGM) joined a slew of shareholder meetings at which remuneration and implementation plans by the management teams who theoretically run these entities in their interest have caused alarm.
Ian Moir came under fire at Woolworths’ meeting, and last week Alan Pullinger and his team received similar scrutiny. More than half (56.68%) of those present at the AGM voted against the FirstRand remuneration implementation report. While the remuneration of these executives in a context of great difficulty and uncertainty loomed large, it clearly was not just a boardroom or shareholder matter...
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