(Alliance News) - Old Mutual Ltd on Monday said it will engage with shareholders after its remuneration implementation report resolution failed to get the necessary number of votes.
Ordinary resolution 7.2 - a non-binding advisory vote on the company's remuneration implementation report - was opposed by 26% of votes at the pan-African investment, savings, insurance and banking firm's annual general meeting.
Consequently, this resolution did not achieve the necessary 75% majority required.
"Old Mutual will directly engage with shareholders, the timing of which will be advised to shareholders in due course," said Old Mutual.
The AGM took place in South Africa on Friday last week. The AGM was held through electronic participation only due to the Covid-19 pandemic.
Old Mutual's shares were down 1.9% in Joahnnesburg at ZAR11.02. They were up 1.2% in London at 50.98 pence.
By Anna Farley; annafarley@alliancenews.com
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Old Mutual Lim. (OMU)