Capitec, South Africa’s biggest retail bank by customers, has changed  its executive remuneration policy after shareholders expressed dissatisfaction with the discretion allowed in the vesting of incentives for management.

In its annual report released this week, Danie Meintjies, chair of the bank’s remuneration committee, said shareholders expressed  concern that performance conditions for management were “not sufficiently challenging”, and that the vesting of the 2018 long-term incentive grants in 2022 had been based on the performance of the two years prior to the Covid-19 pandemic...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.