Mr Price sees improved support for executive remuneration report, but will still consult

Retail group Mr Price has seen a significant improvement in the support for the implementation of its remuneration policy at an annual general meeting (AGM) on Wednesday, but will begin engaging with potentially concerned shareholders.

The JSE-listed retailer said in a SENS statement on Thursday that it had been "engaging" with shareholders ahead the AGM and that it had seen support for its remuneration implementation report improved by more than a fifth to 73.64%. Last year, only 51.91% gave a nod.

While voting on remuneration policy and its implementation are non-binding, they are important in helping companies gauge the sentiment of shareholders and then addressing any concerns through active engagement. If it receives less than 75%, it should kick off a period of engagement, according to the King IV codes of governance.