The ESG shareholder resolutions filed by Aeon Investment Management included resolution concerning remuneration, director election, political donations and auditor independence.
A few of the examples of these resolutions can be seen below:
Ordinary Resolution 7 - To endorse the company's remuneration policy: Naspers' Remuneration Policy lacked detail in terms of how the incentives were ultimately determined (benchmarking, performance targets). The approximately R1.5bn total remuneration that the CEO earned, placed him among the richest one percent of people on the planet. This is of concern because in 2015, 2016 and 2017 the high voting A shares were abused to vote in the remuneration policy and report. Aeon Investment Management voted against this resolution. The majority of participating shareholders voted against this resolution at the Naspers AGM
Woolworths Holdings Ltd.
Non-binding advisory Resolution 2 - Approval of the Remuneration Report: There was minimal disclosure on actual targets for STIs and LTIs, local and international benchmark constituents and the general link between the strategies and incentive measures. In accordance with policy, Aeon Investment Management voted against this policy. The majority of participating shareholders voted against this resolution at the Naspers AGM and an investor call was organised by Naspers management.