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One has to question the role of a shareholder when 82.24% vote against a remuneration report, yet they are classified as ‘non-binding advisory votes’.
The report in question is retailer Woolworths and it revolves around former CEO Ian Moir.
The group committed to paying its retiring CEO R77m, which is made up of a R43m payment for 2020 and a R34.3m restraint of trade.
A compelling sum given that in his time of ‘leadership’ the Woolies stock fell 66% from a high in 2015 to R37, coupled with the grossly under-performing investment down under into David Jones.
A classic case of when poor performance pays.
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Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.