Executive pay can hit a nerve with investors — but recent developments suggest shareholder opinions can differ vastly on the stipend that is appropriate to directors. Last week poultry group Astral Foods — the epitome of a no-frills corporate culture — found itself in the invidious position of not being able to pay nonexecutive chair Theuns Eloff his R1.1m annual remuneration. Shareholders voted down the resolution at a general meeting. This was after shareholders voted against the special resolution around Eloff’s remuneration at an AGM in February this year. Eloff is largely viewed as a hard-working nonexecutive who has added value to Astral’s board. It is understood mainly offshore shareholders using a proxy vote service voted against the resolution. In stark contrast, shareholders in specialist retailer HomeChoice International overwhelmingly voted in favour of a nonbinding advisory vote on the company’s remuneration policy and its remuneration implementation report. The vote wa...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now