Shareholders vote against hike in fees for directors at Merafe Resources

JOHANNESBURG – Shareholders at Merafe Resources, which operates the Glencore-Merafe Chrome joint venture, have rejected the company’s proposed hike in non-executive directors’ fees for 2020 given the uncertainty about the Covid-19 pandemic.

During the annual general meeting (AGM) held on Friday, shareholders voted against the proposal for a hike in directors’ fees and questioned the fee hike given the Covid-19 pandemic.

At the AGM, shareholder Bryan Dorfan wanted to know whether the special resolutions to increase non-executive remuneration would be withdrawn in light of the events subsequent to year-end.

“In light of what is going on in the industry and in light of what is going on in the general world around us, would it not have been beneficial to withdraw those resolutions rather than be seen as people who are after money?” asked Dorfan.

Merafe’s chief executive, Zanele Matlala, responded by saying that the company was alive to the realities that had been posed by the Covid-19 pandemic and the national lockdown.