It’s difficult to know what to make of Distell’s shareholders — they’re either a particularly forgiving bunch or they don’t see much connection between executive remuneration and profits.

At the recent AGM, 99% of them backed both the board’s remuneration report and the implementation report. This means it wasn’t just Remgro and the Public Investment Corp (PIC), each of which holds 31.4%, that voted in favour of a scheme that seems not to have produced the goods for the past several years...

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