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Number of companies engaged
(avoid double counting, see explanatory notes)
Individual / Internal staff engagements
Type of engagement
Visits to company operational sites if not initiated by Aeon Investment Management, usually occur when management hosts their presentation results and/or roadshows at these sites.
The Aeon Investment Management team attended a governance and remuneration meeting with Woolworths’ remuneration Chairman Tom Boardman and the Company Secretary Chantel Reddiar. The agenda of the meeting was based on Woolworths’ remuneration policy with regards to the incentives used for each executive, stretch targets, malus & clawback provisions and other operational factors.
Notable highlights from the meeting include the
Aeon Investment Management attended an engagement with Naspers. The basis of the engagement was to gain a further understanding on Naspers Ltd's remuneration structure amongst other things.
Asief Mohamed and Jay Voamcka, on behalf of Aeon Investment Management, attended a Naspers Ltd investor call. The following was noted:
Aeon Investment Management has conveyed concern regarding the voting share structure used to award excessive remuneration; Naspers noted this concern.
Aeon Investment Management submitted an engagement letter to Santam's Investor Relations and board on their remuneration policy. The basis of the engagement was to address the concerns surrounding Santam's Remuneration Policy and Implementation Report.
A brief overview of the concerns we raised can be found below:
Santam hosted one-on-one investor meetings at the start of 2020 with the Chief Financial Officer to clarify concerns and address questions posed by investors. A better understanding of their policies was obtained and they were now more aware of investor disclosure requests.
Aeon Investment Management participated in a collaborative engagement with other investors which proposed for Sasol Ltd, an energy and chemical production company, to disclose their emissions and to link their emission targets to their remuneration structure.
The resolutions proposed to the Sasol board include the following:
After numerous communication with Sasol's investor relations and executive directors, Sasol rejected the proposal citing that the requested disclosure and actions were already anticipated to be included in their annual Sustainability report. As investors, we then further challenged their response stating that the inclusions of the proposed resolutions to the AGM would serve as an accountability measure. Our response was rejected by Sasol.
Aeon Investment Management was a signatory to a collaborative engagement initiated to bring to consumer retailer’s (e.g.Shoprite, Pick n Pay etc.) attention the need to reduce the sale and subsequent use of plastic bags
An engagement letter was compiled and sent by the investor in charge of the engagement to the executive teams of South African food retail companies. Contributions from other investors were also made and incorporated into the letter.
The objective of the engagement with Intu Properties Plc was to highlight concerns regarding their leadership, risk management controls and their operations.
Aeon Investment Management highlighted the following concerns:
Aeon Investment Management has communicated these concerns over multiple engagements with the company. Intu Properties Plc noted to our concerns.
Asief Mohamed, on behalf of Aeon Investment Management, had a broker meeting with one of our service providers on the current state of electricity production in South and the socioeconomic effect it currently has and will have in the future.
In the meeting it was noted that Increased taxpayer and social losses are being caused by poor governance and operational practices at Eskom (electricity supplier); thus, further negatively impacting South Africa’s socio-economic structure. IPPs have thus far not become tax effective. aeon investment provided input to the research and the service provider was able to meet with to discuss the analysis of the electricity crisis in South Africa and possible solutions.
Aeon Investment Management submitted an engagement letter, at the request of Sasol Ltd's and post their annual general meeting to raise concerns over their remuneration policy.
Aeon Investment Management submitted an engagement letter in response to Sasol’s invitation for shareholders to submit their reasoning for voting against ordinary resolution eight – non-binding advisory vote on the Company’s Implementation Report on the Remuneration Policy. We voted against the Sasol’s Implementation Report and Remuneration Policy for the following reasons:
In addition, we also voted against the following resolutions:
Aeon Investment Management submitted an engagement letter at the request of Wilson Bayly Holmes-Ovcon (WBHO) and post their annual general meeting. The engagement highlighted our concerns with WBHO's remuneration policy and subsequently their Implementation Report.
Aeon Investment Management raised our concerns with regards to the following:
Aeon Investment Management submitted a response to the request from MultiChoice’s investor relations for shareholders to submit their reasoning for voting against non-binding advisory resolution one and two at the 2019 AGM.
We listed the following concerns in our communication with Aeon Investment Management:
MultiChoice hosted a Remuneration Roadshow in February 2020 to present the changes (some at the request of investors) that they had made to their Remuneration Policy and Implementation Report.
Given South Africa's landscape, political and socioeconomic history and the very significant inequality gap, there is still a very significant focus and attention required on governance issues in South Africa and accountability and transparency within the corporate sector. There is a lot of attention around company environmental awareness, disclosure and reporting; and rightly so. However, awareness of the social impacts (the "S" in ESG) that companies have on their employees, their immediate surroundings and the society at large is still required.