Shoprite makes about-turn on exec pay

Shoprite Holdings, the continent’s largest retailer, has made a surprising about-turn on executive remuneration. This follows its 2017 annual general meeting (AGM) on Monday where 29.89% voted against a non-binding resolution on its remuneration policy (resolution 14.1) and 28.58% voted against the implementation thereof (resolution 14.2).

In a Sens announcement titled “Engagement with Shareholders” it has invited shareholders who voted against the remuneration policy and the implementation of it to “engage with the company” in a closed teleconference to be held on Tuesday. Their participation needs to be confirmed with the company secretary by Friday and concerns and/or questions need to be provided in writing ahead of the call.

This marks a change in stance for a group that has historically paid its executives very well and almost stubbornly refused to engage on remuneration matters.

It is also the first time that a large JSE-listed company has had a formal, publicised engagement which is openly-accessible to all shareholders to deal with remuneration concerns.

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