Property fund's remuneration policy is slammed in advisory vote as it battles with R9.5bn debt
In an unprecedented move in the listed real estate sector, 80% of Rebosis Property Fund’s ordinary shareholders voted against implementing the company’s remuneration policy.
Rebosis has a dual share A and B structure, which is designed to serve investors of varying risk appetites. The votes are advisory in nature. Robert Lewenson, the head of environmental, social and governance at Old Mutual Investment Group, said this meant that while it may be in Rebosis’ board’s interests to scrap the remuneration policy, shareholders could not force its hand.
"Shareholders did not support the resolution as they require more detail on key performance areas. It should be noted that shareholders did not object to the actual remuneration, as the directors’ emoluments were passed, but rather to the policy due to the lack of detail," he said."We are engaging with shareholders on the matter, which is a standard process in instances where resolutions are not passed," the spokesperson said.
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