CAPE TOWN – Old Mutual shareholders will have to wait until the first quarter of 2020 to see how the insurer’s directors were remunerated for 2018, after shareholders rejected a resolution to approve their pay at the annual general meeting (AGM) earlier this year.
At the May AGM, Old Mutual became South Africa’s second Top 40 listed group, after Shoprite, where shareholders voted against the remuneration of executives.
The resolution on the implementation of the remuneration implementation report was rejected by 69.13 percent of shareholders.
The vote on its remuneration policy received 54 percent of votes in favour – 75 percent is required for the resolution to pass.
Old Mutual chief executive Peter Moyo was suspended a week later on other issues relating to alleged conflicts of interest.