The Naspers AGM in August 2016 probably represented the low point of the company’s relations with shareholders, where an unpleasant exchange between chairman Koos Bekker and shareholder activist Theo Botha saw Bekker refuse to take further questions and a member of the board’s inner clique storm out in petulant protest.
Reporting has also improved, with clearer links between strategy, performance, remuneration design, and remuneration outcomes, particularly how short and long term incentives are awarded. What is not discernible is how easy or difficult it is to achieve the financial and other targets as the two executive directors seem to achieve the targets easily, notes Asief Mohamed, CIO of Aeon Investment Management.
The first component of the LTI is based on share appreciation rights which are measured on the difference in total value of the discrete assets within the e-commerce scheme over a four-year phased vesting period. This accounts for 41% of the incentive. In its results for the 2019 financial year, Naspers delivered revenue of $19-billion, up 29%, with core headline earnings rising 26% to $3-billion and free cash flow of $120-million.
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