Old Mutual reaches out to its dissenting shareholders over remunerations

JOHANNESBURG – The Old Mutual board has reached out to dissenting shareholders after they rejected the company’s remuneration implementation report during the annual general meeting held earlier this month.

Only 73.77 percent of shareholders approved the non-binding resolution on the endorsement of the remuneration implementation report, the company said, adding that the non-binding resolution did not achieve the requisite 75 percent majority votes.

However, the non-binding advisory resolution on the endorsement of the remuneration policy report did achieve more than 92 percent shareholder support, exceeding the requisite 75 percent majority of votes.

Old Mutual, the 175-year-old insurance giant with operations in 14 countries, invited dissenting shareholders to raise concerns or recommendations directly with Itumeleng Kgaboesele, the chairperson of the remuneration committee, in writing by the end of the month. “Old Mutual expects that its remuneration policies and practices will mature and improve through an iterative process that will be facilitated through continuous open and transparent engagement with stakeholders,” said the company.

Last May, during Old Mutual’s first annual general meeting as a South African-listed company, the remuneration report received a thumbs down from shareholders.