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...

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