Old Mutual Limited said on Thursday it will engage shareholders after two non-binding votes on executive pay at its annual general meeting secured majority backing but fell short of the 75% support threshold required under the Johannesburg Stock Exchange (JSE) Listings Requirements. The remuneration policy received 68.39% support and the remuneration implementation report won 70.72%.
The shortfall triggers the JSE and King IV governance expectation that companies consult dissenting investors, explain concerns raised and outline responsive actions. The results point to meaningful, though not overwhelming, pushback on how pay is structured and applied, which could lead to adjustments to performance measures, incentive outcomes or disclosure in the next remuneration report.
Old Mutual said it will arrange an engagement process with shareholders. Investors will watch for the timing and format of that consultation, the themes that emerge, and whether the board revises elements of the pay policy or its application ahead of the next voting cycle.
For more detail, read the full announcement.