A revolt by ordinary Naspers investors over executive pay was overturned by shares carrying 1,000 votes each, allowing the company’s remuneration measures to pass with approximately 92% support.
An analysis of the voting figures by Business Bagel found that approximately 66% of ordinary N shareholders rejected Naspers’ remuneration implementation report at its annual meeting.
Almost 70% opposed the wider remuneration policy.
Once the company’s high-voting A shares were included, however, both resolutions passed with approximately 92% support.
The outcome provides a striking illustration of the gap between economic ownership and voting power at the South African technology investment group.
