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.”