NORTHAM Platinum said it would discuss its remuneration report which 27.5% of shareholders rejected at the firm’s annual general meeting on October 29. About 25% of Northam shareholders also rejected the firm’s remuneration policy at the meeting.
In terms of listing regulations Northam is required to open dialogue with shareholders who voted against issues such as executive pay. However, it is not prevented from implementing the remuneration proposals.
“The group therefore invites dissenting shareholders to raise concerns or recommendations regarding the non-binding advisory resolutions, in writing … before 31 December 2021,” it said in an announcement to the Johannesburg Stock Exchange.
Some 28% of shareholders also rejected the reappointment of Ernst & Young as the firm’s auditor.
Northam surprised the market last week after it announced it was to buy a 32.8% stake in Royal Bafokeng Platinum (RBPlat) in cash and shares worth R17bn.
The transaction blocked efforts by rival Impala Platinum from concluding its previously announced 100% purchase of RBPlat.
Buying RBPlat would represent another step in the consolidation of South Africa’s platinum group metals sector following the purchase by Sibanye-Stillwater of Aquarius Platinum, Lonmin, and the Rustenburg assets of Anglo American Platinum.
Prices for PGMs, which also include minor metals rhodium and ruthenium, have rocketed in the past three years owing to their application in reducing internal combustion engine car emissions and fuel cells used by electric vehicles. This comes amid increasing pressure for the world to decarbonise.
