Capitec's customer base increased to 18.1 million by the end of February 2022.Capitec shareholders who hold 47.5% of the company's shares have voted against the implementation report of the bank's remuneration policy.This is the second year in a row that more than 25% voted against the implementation of the bank's remuneration policy.
Shareholder votes on remuneration policies are non-binding, meaning that Capitec can pay executives even if shareholders voted against it. But if shareholders holding 25% or more of the company voted against the policies, the company must engage them to try to find a common ground. In the 2021 AGM, investors holding more than 51% of shares shot down the implementation report, an unprecedented number of dissenting votes for the bank on this issue.However, the three executive directors on the board still received R96.5 million in total remuneration – including long- and short-term incentives – for the 2021 financial year.
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