With about 24% of Pick n Pay shareholders expressing dissent on the company’s executive pay report at an annual shareholder meeting this week, the food retailer narrowly avoided triggering a JSE rule that would require it to take steps to address their concerns.
The new listing requirements are part of recommendations under King IV Code, the latest non-legislative guidelines for corporate governance, after shareholder and broader society rebellion against companies that rewarded their leadership team even when share prices were falling while wages for rank-and-file workers were not rising by the same margin.
But the rule does not go far enough as the vote is non-binding, meaning Pick n Pay would have still forged ahead with its remuneration implementation report, which details the pay and perks given to executive directors in the year under review, even if it had not achieved the requisite 75% majority.
Who knows, shifting the power from the board to shareholders could also help advance the moral and social justice issues such as the widening pay gap, which are behind a broader society backlash over lavish pay to executives. They also underline King IV’s recommendations that pay for CEOs should be fair and reasonable in the overall context of employee salaries.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Arsenal to sack 55 staff as Covid-19 hits revenues.Arsenal said they had done all they could to reduce costs, including pay-cuts as it announces laying off 55 staff less than a week after winning the EmiratesFACup | IOLsport
Source: IOL - 🏆 46. / 51 Read more »
Bantu Holomisa on a caretaker administration & corruption 'since Sarafina II'UDM leader Bantu Holomisa has called for the dissolution of the executive arm of the government, saying that this will iron out corruption in the ANC.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Mondi’s share at 17-month high as it resumes dividend paymentsThe group, which will pay €236m to shareholders, says it remains confident in the resilience of its business
Source: BDliveSA - 🏆 12. / 63 Read more »
Singapore addresses mental health issues migrant workersAs the city-state has closed down, many workers are unable to pay or see their families and say mental anguish is more serious than the virus
Source: BDliveSA - 🏆 12. / 63 Read more »
Mondi share jumps after resumption of dividend paymentsThe group, which will pay €236m to shareholders, says it remains confident in the resilience of its business
Source: BDliveSA - 🏆 12. / 63 Read more »
Schloss gives green light to 16 venues chosen to host the remaining PSL matches of the seasonPremier Soccer League (PSL) senior official Professor Ronnie Schloss says the 16 venues chosen to host the remaining matches of the season are ready and have been given the green light.
Source: SowetanLIVE - 🏆 13. / 63 Read more »