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Executive pay and undeserved wealth
The current process for dealing with remuneration-related shareholder dissension is ineffective. Also, thoughts on Chinaâs battle of attrition, and Telkom’s departing CEO’s legacy. 00:01
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The Companies Act has such a feeble approach to the issue of executive remuneration itâs led to the belief this part of the act was written by the business community. Image: Shutterstock
It may be time for the regulators, including the JSE, to reconsider how to deal with shareholder opposition to executive remuneration.
As things stand if, at an annual general meeting, more than 25% of shareholders vote against a companyâs remuneration policy or its implementation report, the company has to extend an invitation to the dissenting shareholders to engage with it. That is a JSE requirement. There is no such requirement in the Companies Act. The act has taken an entirely feeble approach to the extremel
Strike by Iranian oil workers spreads amid rising wave of protests and stoppages
The strike by Iranian oil contract workers is about to enter its fifth week. It has spread to 105 refineries, complexes and companies across 35 Iranian cities. The contract workers walked out over low pay and poor working conditions. They make around $300 a month, and are demanding to be paid around $500.
A defence committee to support the strikers issued a statement on Sunday, appealing to other workers to come out in support of the contract workers, including workers directly employed by the national oil company. It also appealed for rallies in support of the strikers.