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PETROCHEMICALS giant Sasol faces the wrath of environmental activist groups after shareholders endorsed the group’s climate change plans during its 2021 annual general meeting (AGM) on Friday, where communities and shareholder activists called on the board to account for the group’s continued pollution and increasing emissions.
At its annual general meeting (AGM) on Monday, Shoprite investors holding almost 41% of the ordinary shares in the company voted against the remuneration of its top executives.
Fifty-two-year-old Shoprite CEO Pieter Engelbrecht received R29.9 million over the past year, an increase of almost 12% from the previous year. As recently as 2019, he earned R21.3 million.
Shareholders are vexed that Moyo is already an enormously well-paid executive whose total compensation shot up by 32% in 2018 to R50.5-million. As Mehluli Mncube, who represents five pension funds invested in Old Mutual (minority shareholders holding less than 1%), put it:
“We are against a golden handshake to be awarded to Moyo. We cannot imagine him getting more of shareholder funds.”