Steinhoff ex-CEO’s old ally joins roll call of corporate pariahs

After three decades behind the scenes, Stehan Grobler is now in the spotlight. Having met former Steinhoff International Chief Executive Officer Markus Jooste three decades ago, 59-year-old Grobler went on to serve as a long-standing executive while the retailer expanded across the world. But when an accounting scandal erupted at the South African company in [...]

2018-09-04T13:14:23+00:00 August 28th, 2018|

Naspers dissidence admitted

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), [...]

2018-09-04T12:52:34+00:00 August 27th, 2018|

Blue Label bosses hit out at Cell C investment reception

Blue Label Telecoms’ joint chief executives hit out at the lukewarm market reception of its multibillion-rand investment in Cell C as the group’s share price extended its freefall. The group’s stock yesterday plunged 11.04 per cent to R6.85, following a fall of 8 per cent on Tuesday on the back of interim results published by [...]

2018-09-04T12:40:02+00:00 August 23rd, 2018|

Debt pounds MTN shares

MTN plunged nearly 8 percent on Wednesday as its high debt and offshore woes rattled the markets, despite the group increasing its subscriber base by 6 million heads in the six months ended June. The group’s net debt increased to R69.8 billion in the period under review, compared with R57.1bn at the end of last [...]

2018-09-04T12:31:06+00:00 August 10th, 2018|

CIS industry assets racing to R2.5 trillion

Investors ploughed R26 billion in net inflows to the local Collective Investment Schemes (CIS) industry in the second quarter of the year, with the combined value of assets in the sector racing towards R2.5 trillion at the end of June. The CIS industry statistics for the quarter ended June yesterday showed that the growth net inflows [...]

2018-09-04T12:20:40+00:00 August 7th, 2018|

South African Banks set to show how Malaise is gripping economy

South African banks face another wasted year for earnings growth as the euphoria that greeted Cyril Ramaphosa’s ascendancy to the presidency fades with the reality of the challenges facing the economy. The country’s largest lenders start reporting first-half results from next week against the backdrop of tax hikes, record gasoline prices, stubbornly high unemployment and [...]

2018-09-04T12:04:15+00:00 August 3rd, 2018|

Implats adds to SA’s economic woes

Implats yesterday added to South Africa’s economic woes, announcing that it planned to retrench 13000 employees in the next two years as part of a restructuring programme just days after information emerged that the country had shed nearly 300000 in the second quarter. The miner said it would reduce its labour complement of employees plus [...]

2018-09-04T12:13:41+00:00 August 3rd, 2018|

Naspers: CEO Bob van Dijk’s total cash take for 2018 was R32m, not R1.6bn

Naspers has denied that its CEO Bob van Dijk reportedly earned R1.6bn in the year ended March 31, 2018, saying that he has not yet cashed in his share options. According to Naspers' remuneration report, Van Dijk earned $2.4m (about R32m) in cash in the year ended March 31. This includes a salary of $1.332m [...]

2018-08-22T14:11:44+00:00 July 25th, 2018|

Naspers shareholders call for clarity on CEO’s R1.6bn boon

In this article by Ann Crotty in the Business Day, we read about the remuneration package that Naspers CEO Bob van Dijk collected during the financial year.  Aeon Investment Management, Asief Mohamed comments on shareholder efforts to vote against this type of remuneration policies by the board of Naspers. Read this important article here

2018-08-22T13:42:31+00:00 July 24th, 2018|