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FirstRand engagement on remuneration fails to pack a punch
Five shareholders showed up â but proposed changes to the Companies Act might soon do the talking for them. 00:01
Institutional shareholders appear to be using their votes as a form of virtue-signaling. Image: Dwayne Senior, Bloomberg
On December 2 last year an unprecedented 58.68% of FirstRand shareholders voted against the remuneration implementation report at the banking groupâs AGM. In addition just over 30% voted against the remuneration policy.
It was a tense meeting dominated by heated discussion of FirstRandâs remuneration policy with the level of opposition appearing to be an entirely novel experience for the board.
What’s next for PSG as it sells shares in Capitec, an investment that has delivered superior returns? In this interview with BizNews editor-at-large Jackie Cameron, the CEO of the investment holding company dissects the business environment in SA and how its strategy is changing. He slams Covid-19 containment measures and also notes that, with the JSE red tape making a listing increasingly unattractive, PSG is exploring opportunities outside the Johannesburg Stock Exchange. He provides an update on Curro and the PSG share buy-back
plans.
PSG Group CEO Piet Mouton on the reasons behind unbundling Capitec:
Now, first and foremost, one of the big things as an investment holding company, you have to always consider unlocking value for shareholders. So that became quite a topic and was top of mind for us. But the trigger point at the end of the day was a change in regulation from the Prudential Authority, where they wanted to scope PSG as a financial conglomerate. Now, what it would