So much for speaking softly and carrying a big stick. The strategy doesn’t seem to be working particularly well for SA’s biggest investor, the Public Investment Corp. The problem is presumably not with the size of the stick. The PIC carries a very big one in the form of R1.8 trillion worth of funds under management.Perhaps it’s speaking too softly. How else can you explain the remarkable fact that 63% of the companies in which it is invested continue to ignore the PIC’s modest requirements on executive remuneration policies?By and large, all the PIC wants to see on this front are the key performance indicators used to determine if executives should be getting the large sums they are being paid. The PIC rarely squirms at the actual size of the sums involved.The long list of refuseniks is particularly troubling because it includes high-profile frequent offenders. These companies know exactly what it is that one of their largest shareholders wants, but apparently they just couldn’t be ...
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