It’s not much, but it’s something
EDITOR’S NOTE: Coronation’s U-turn on pay
Begrudgingly, the asset manager has finally given investors a say on its remuneration policy. The vote, on Valentine’s Day, will be illuminating
In a remarkable U-turn, asset manager Coronation has begrudgingly done what its critics have been demanding: putting its contentious remuneration policy forward for a vote at its AGM on February 14. After being harangued by shareholder activist Theo Botha for two years (he even lodged an access to information request), its annual report released just after Christmas revealed that for the first time, shareholders will now get a "nonbinding advisory vote" on how it pays its staff. It’s not much, but it’s something — given that other firms on the JSE are expected to put their remuneration to a vote. Why should Coronation, which holds a hefty chunk of the JSE through the R599bn it invests for pension funds and others, not follow the same rules? If anything, it should set the example.Until now, Coronation has argued it shouldn’t have to put its policy to a vote, as this was set in stone back in 1993 when the company was founded. Chief investment officer Karl Leinberger told the Financial...
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