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Is Nampak CEO Andre de Ruyter still worthy of an R8.4m short-term bonus eventhough the company's share price is down by 61%, among other things, over the past five years?
That is the question shareholder-activist Theo Botha wants to raise at the annual general meeting of Africa's biggest producer of beverage packaging in Johannesburg on February 5.
Botha says Nampak has also shown no dividends in the past three years and a loss of R600m on discontinued operations.
"The bottom line is that the CEO has not performed and yet we keep on paying him huge bonuses," Botha told Fin24.
"From a shareholder perspective, I just want to know why we keep on paying bonuses while we - the shareholders - lose money? I sustained losses. Why should I have losses as a shareholder and the CEO gets a bonus? His interests are not in line with the shareholding."
A Nampak spokesperson in turn told Fin24 that the company's remuneration policy is designed to facilitate delivery of the group's strategy on a sustainable basis and to deliver value for stakeholders over the short, medium and long term.
"Mr Botha is welcome to raise his concerns directly with the company or at the AGM," the spokesperson said.
