This might make it more palatable to contemplate the utter lack of democracy in the group’s shareholder meetings. It is the second discovery in recent times, after the major Brulpadda field. In proposing new ways to structure particularly long-term incentives, PwC suggests that an Economic Value Added (EVA) approach could be a more suitable performance metric. Shareholders, however, remained unmoved, voting squarely against endorsement of the company’s remuneration policy and its implementation. Concerned about the content? Simply Wall Street Pty Ltd When asked whether the group’s remuneration is “fair and responsible”, Aileen O’Toole, an executive of a company that pays non-executive directors a daily out-of-town allowance of R62 500 (30% more than South Africa’s minimum annual wage), replied that “societal fairness is very important and something we take very seriously”. Naspers’s dual share structure, which has been in place since its listing on the JSE in 1994, has been a point of contention for ordinary shareholders, especially since the company’s meteoric rise on the back of its Tencent stake. While management has acceded to shareholder demands to unlock value by spinning off several businesses, which make up the undervalued rump of the company, such as MultiChoice and its internet assets in Prosus, due to be listed on the Euronext Amsterdam exchange in September, the majority of shares awarded in Naspers’ executive management incentive scheme will still be based on share price performance, at least through 2020. Some even attended the meeting and asked questions. This means holders of the 435 million N ordinary shares are essentially wasting their time pitching up to vote at these meetings. “In addition, the factors influencing EVA are considered to be less manipulatable by ‘creative accounting’ and more controllable, as well as taking into account the ‘psychology’ of pay.”. Private shareholders through two private companies control 73.3% of the votes at a Naspers shareholders’ … "This is an exciting time for both Naspers and our shareholders. At Friday’s AGM, some 344 million of the N ordinary shares were represented and an unprecedented 88.1% of them voted against approving the general authority to place unissued shares under the control of the directors. However, I don't think the yawning gap between Naspers … Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on ZA exchanges. If any banker was going to have an epiphany about capitalism during the pandemic, it was James Mwangi. On the other hand, the more recent gains haven’t been so impressive, with shareholders gaining just 37%. But complicated control structures are also well known for lacking shareholder oversight. At the centre of the long-running shareholder disgruntlement with Naspers’s executive pay setup is a share price almost entirely driven by the performance of Tencent, the Chinese internet giant in which Naspers holds just more than 31%. “The bottom line [...] is no longer a central focus,” he said, during a long video call in late August, in his capacious but empty office in central Nairobi. So you may wish to see this free collection of growth stocks. “A question that is increasingly being asked is whether prospective performance conditions can be effectively set in an objective manner, and further, the extent to which remuneration committees are subject to executive pressure or bullying when setting performance targets. The unbundling of MultiChoice Group will complete Naspers’ evolution into a … “We see Africa as a big opportunity,” says Guillaume Cartier, senior vice-president and chairman for Africa, the Middle East and India region at car maker Nissan. In short, Old Mutual objected to the continued alignment of share incentive schemes with the Naspers share price performance, instead of specific executive performance targets. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Just as the vast majority of Chinese is happy to accept their one-party dictatorship as long as the economy keeps growing.
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