ANN CROTTY: Now, about Basson’s R1.7bn
Shoprite shareholders’ meeting will be a crucial event
The next 12 months should produce interesting annual reports and AGMs, given the slew of retirements we’ve seen recently. Some of these people will not have gone quietly, or rather, will not have gone cheaply. Thanks to better disclosure rules we already know how much it cost Net1 to persuade Serge Belamant to leave. And though his exit bill (about US$20m, including a generously priced repurchase of his share options) was a bargain compared with the damage his continued presence would have inflicted on the company’s reputation, shareholders were not happy. Allan Gray was moved to outrage and wondered how Belamant was able to negotiate such an "extravagant" deal. The company did manage to save a few bob when it subsequently terminated the possibly pointless consultancy arrangement it had put in place with the former CEO. Allan Gray had outrage to spare after dealing with Net1, and it went on to castigate the paying of multimillion-rand ex gratia severance payments to executives. It e...
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