SHAREHOLDERS REJECT OLD MUTUAL’S EXECUTIVE PAY

Shareholders rejected the remuneration of the company’s executives in its AGM shortly after Old Mutual’s announcement that it had suspended CEO Peter Moyo. The non-binding resolution on the implementation of the remuneration report was rejected by 69.13% of shareholders who voted at the AGm. Only 30.87% voted in favour. This is the second time that shareholders of a quoted company have rejected outrightly a company’s remuneration. Old Mutual says, given that the two resolutions received less than the required 75% of votes, it will directly engage with shareholders in due course.

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