Revolt as Shoprite shareholders slam CEO bonus award
Nearly half voted against the proposal but Wiese's high-voting shares saw resolution pass
A significant portion, 46%, of ordinary shareholders at Shoprite Holdings voted against the company's proposal to award a special executive incentive to CEO Pieter Engelbrecht. The resolution, which required a majority of 50% plus one, passed with a significant majority of 70.91% - thanks in part to the voting power of Christo Wiese's deferred shares.
The award would see Engelbrecht given 525,000 performance shares, valued at over R176 million at current share prices. According to Shoprite, the award was intended to "incentivise the successful delivery of a unique combination of strategic, transformational and succession-related outcomes and to secure his continued employment for a strategic six-year period."
The award aims to align the CEO's reward with future shareholder value creation by focusing on future earnings growth, strategic technology initiatives, and succession planning.
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