Shareholders at transport and logistics group Imperial are clearly unimpressed by the hefty increases awarded executives as part of the restructuring of the group into two entities, Motus and Imperial Logistics. At the company’s AGM two weeks ago, an unprecedented 48% of investors made their displeasure felt by voting against the remuneration policy. Perhaps Imperial should have expected this opposition, given that shareholders have received almost no return from it for several years, so it’s clear that the interests of executives aren’t exactly aligned with those of shareholders. Over the past year, Imperial’s share price fell 23%, and it hasn’t grown earnings or dividends for the past five years. Yet last year, three of its executives scored R80.1m — a 54% increase on the R51m of the year before. The substantial pay hikes came at a challenging time for the group. For a start, it is on the verge of spinning off a separate listing for its motoring-related operation (Motus) in a bid ...

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