24th May 2019 16:31
LONDON (Alliance News) - Shareholders in Old Mutual Ltd on Friday rejected the company's remuneration policy and implementation report.
At the Anglo-South African insurance firm's annual general meeting only 54% of shareholders voted in favour of the remuneration policy, failing to meet the required 75% threshold.
Furthermore, just 30.87% of shareholders approved the remuneration implementation report.
Old Mutual said it will "directly engage with shareholders" with regards to the rejections.
Furthermore, 25.48% of shareholders voted against the reappointment of KPMG Inc as joint external auditor of the firm.
All other resolutions were passed with the required majority.
Shares in Old Mutual closed 3.2% lower at ZAR21.00 in Johannesburg on Friday and was 3.7% lower in London at 114.54 pence.
Related Shares:
Old Mutual Lim.