A total of 73.8 percent of shareholders voted against approving the 2018 directors’ remuneration report at the annual general meeting (AGM) held in London on Monday the company said yesterday.
According to Lonmin’s 2018 annual report, chief executive Ben Magara was paid a total of £1.45million (R27.57m) in 2018, up from £1.10m in 2017.
Magara was the biggest earner at the company, with a hefty package comprising a £475552 salary, £95110 in pension-related benefits, £55155 in taxable benefits and a short-term incentive of £825133. In 2017, his total package was £466933.
The company’s remuneration committee said that in terms of its balanced scorecard compensation bonus plan it had agreed that 65percent of the bonus should continue to be linked to operational objectives, with the balance attributable to specific financial and strategic priorities. There were no long-term incentives in 2018.