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Shareholders in Northam Platinum Holdings have voted against the group's remuneration policy and implementation report, prompting the company to invite dissenting investors to engage further.
In an annual general meeting held on Tuesday, 56.48% of Northam shareholders voted against the group's remuneration policy and 55.99% voted down the remuneration implementation report.
The implementation report puts forward remuneration of R46.57 million for Northam CEO Paul Dunne for the year ended in June, up from R40 million in 2021; and R21 million for Alet Coetzee, the company's CFO, up from R14.6 million in the previous year.
This comes after the group reported a 7.6% drop in operating profit to R14.9 billion for the previous financial year as an expansion of the group's production profile caused unit cash costs to rise by 18.9% while softer metal prices also ate into margins.
Because more than 25% of the votes cast by shareholders present or represented by proxy at the annual general meeting voted against the two ordinary resolutions, the company has invited dissenting shareholders to send their comments, concerns, questions recommendations regarding the remuneration policy or implementation report to the company secretary.
This, Northam noted, is in accordance with the JSE Limited Listings Requirements and the recommendations of the King IV Report on Corporate Governance for South Africa.
"The company's remuneration committee endeavours to ensure that remuneration across the group is aligned with the group’s strategy and creates sustainable value for all stakeholders. We believe that open, transparent and meaningful engagement with shareholders is important to continually mature the remuneration policies and practices of the group," Northam said in a statement. "We therefore look forward to engaging with shareholders."
