Capitec amends policy on executive incentives
Bank will no longer apply any discretion to vesting requirements after shareholders express dissatisfaction with the policy
23 April 2023 - 09:45
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...
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