Bekker closes pay talk: 'I've ruled. The end'
Chairman has the last word at Naspers AGM, with promises of more revelations in future
Attempts to delve more deeply into the contentious executive remuneration policy at technology giant Naspers were unceremoniously halted by chairman Koos Bekker at an AGM in Cape Town on Friday. Bekker abruptly closed the meeting to further questions even though shareholder activist Theo Botha was indicating he had more queries about executive pay. Media reports billed the AGM as a showdown on corporate pay between concerned shareholders - including influential fund manager Allan Gray - and Bekker, who was largely responsible for creating huge value by transforming the media company into a diversified technology conglomerate. Botha vainly protested that the meeting was the only chance shareholders had to engage with the company's executives. But Bekker - who reiterated his right as chairman to determine the meeting's proceedings - pointed out that shareholders were welcome to engage with executives after the AGM. "I've ruled. That's the end of it." The nub of the remuneration issue ...
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