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Grand Parade Investments to analyse key performance of executives

Jan 29 2019 20:19

The remuneration and nomination committee of Grand Parade Investments [JSE:GPL] will analyse the key performance indicators (KPIs) of executives, as well as the attached weightings and hurdle rates.

The committee will then fully disclose these in a remuneration report to be published in 2019.

Grand Parade Investments [JSE:GPL], whose investment portfolio includes Spur, Burger King, Dunkin' Donuts, various casinos as well as some other holdings in the food and gaming sectors, said in a notice to shareholders on Tuesday that it had a teleconference with seven parties representing 13.28% of the shareholding.

These shareholders raised concerns regarding the company's disclosure of the implementation of the remuneration policy, specifically relating to the short-term and long-term incentives and the lack of details pertaining to the weightings and hurdle rates attached to executive KPIs.
 
Further, the shareholders participating in the teleconference requested that they be provided with a timeline for the execution of specific targets.

According to Grand Parade Investments, the committee will engage further with these shareholders prior to adoption of the remuneration policy for the 2020 financial year.

In October last year, Dr Hassen Adams, executive chair of GPI, held an extraordinary general meeting to ward off what he described as an attempt at a hostile takeover by some minority shareholders.

This followed claims by the group of minority shareholders - mainly fund managers - that their attempts to engage with the board in a constructive manner had failed.

The minority shareholders were concerned about governance, poor results and the departure of several key executives.

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