At the 2024 annual general meeting held on the 25th of October, Sefalana shareholders voted 31.4% for and 68.65% against a non-binding advisory vote to revise the company's executive directors' remuneration.
In total, 228,237,219 shares, representing 91% of the total issued share capital, voted on the motion.
According to Sefalana, the remuneration revision was put forward by "certain shareholder representatives" as well as the company's own consideration for good governance.
In the remunerations set out on the company's 2024 annual report, Chandra Chauhan, the group's managing director, is to receive a total annual remuneration of P15.9 million, which would include a salary of P5.4 million, retirement benefits of P405,000, short-term incentives of P4.9 million and long terms incentives of P5.3 million.
Mohamed Osman's package, the company's group finance director, was as follows: P4 million in salary, P300,000 in retirement benefits, P3.6 million in short-term incentives and P3.9 million in long-term incentives, bringing his total remuneration to P11.9 million. Bryan Davies, managing director for Sefalana Namibia, would receive P2.1 million in salary and P187,000 in retirement benefits, bringing the total package to P2.3 million.
Gerhard Scheepers, who is also managing director for Sefalana's Botswana division, would receive P2.2 million, P200,000 in retirement benefits and P2.5 million in short-term benefits, bringing his total package to P4.9 million.
In total, Sefalana would spend a total of P35 million on executive remuneration.
Image source: Sunday Standard