For the first time media and internet group Naspers has separately disclosed the voting details of its listed N shares, revealing the extent of opposition to its remuneration policy and other governance issues.
The results showed that 57% of N shareholders opposed the group’s remuneration policy at Friday’s unprecedented three-hour long annual general meeting (AGM), during which Naspers shareholders were given the opportunity to quiz the board and top executives on a wide range of issues.
Naspers has a controversial control structure, which provides for 907,128 unlisted A shares, each of which has the same voting rights as 1,000 N shares to control 67.4% of the group.
Asief Mohamed of Aeon Investment Management said Bekker had handled 2018’s meeting very well. “He delegated the questions to the appropriate board member or executive to deal with.”
The full article can be read on Business Day, written by Ann Crotty