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Pan African Resources PLC - Rosebank-headquartered gold producer - Says it will engage with dissenting shareholders who voted against its remuneration policy. At an annual general meeting held on Thursday, 28.47% of shares cast voted against approving the company’s remuneration policy and 26.99% voted against the remuneration implementation report.
Accordance with the UK corporate governance code, when 20% or more of the votes have been cast against a resolution, a company will consult with those shareholders to ascertain the reasons for doing so. Also as required in terms of the King IV Report on corporate governance in South Africa, Pan African is required to invite shareholders who voted against remuneration policy and implementation report regarding their views.
Also at the AGM, 37.93% of shareholders voted against authorising directors to allot equity securities, and 58.98% disapproved the disapplication of pre-emption rights and general authority to issue shares for cash.
Johannesburg current stock price: R 3.65, up 2.0% on Friday
12-month change: down 2.7%
London current stock price: 17.64 pence, down 0.5% on Friday
12-month change: down 2.0%
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