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Northam shareholders shoot down remuneration policy | Fin24


Paul Dunne, chief executive of Northam Platinum.

Paul Dunne, chief govt of Northam Platinum.

Shareholders in Northam Platinum Holdings have voted towards the group’s remuneration coverage and implementation report, prompting the corporate to ask dissenting traders to have interaction additional.

In an annual normal assembly held on Tuesday, 56.48% of Northam shareholders voted towards the group’s remuneration coverage and 55.99% voted down the remuneration implementation report.

The implementation report places ahead remuneration of R46.57 million for Northam CEO Paul Dunne for the 12 months resulted in June, up from R40 million in 2021; and R21 million for Alet Coetzee, the corporate’s CFO, up from R14.6 million within the earlier 12 months.

This comes after the group reported a 7.6% drop in working revenue to R14.9 billion for the earlier monetary 12 months as an growth of the group’s manufacturing profile triggered unit money prices to rise by 18.9% whereas softer steel costs additionally ate into margins.

As a result of greater than 25% of the votes solid by shareholders current or represented by proxy on the annual normal assembly voted towards the 2 unusual resolutions, the corporate has invited dissenting shareholders to ship their feedback, issues, questions suggestions concerning the remuneration coverage or implementation report back to the corporate secretary.

This, Northam famous, is in accordance with the JSE Restricted Listings Necessities and the suggestions of the King IV Report on Company Governance for South Africa.

“The corporate’s remuneration committee endeavours to make sure that remuneration throughout the group is aligned with the group’s technique and creates sustainable worth for all stakeholders. We consider that open, clear and significant engagement with shareholders is necessary to repeatedly mature the remuneration insurance policies and practices of the group,” Northam stated in a press release. “We subsequently look ahead to participating with shareholders.”


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