[miningmx.com] – SHAREHOLDERS in Gold Fields expressed displeasure at the gold firm’s remuneration proposals at the group’s annual general meeting last week with up to 30% of the vote against them, said Business Times.
Citing the results of the group’s AGM, Business Times said 30.2% of shareholders voted against approving the remuneration policy, and only 69.8% voted in favour. “The company hasn’t performed very well. Revenue is down. Earnings are down,” Mehluli Mncube, a representative of the Eskom pension fund told the newspaper.
“On all the key financial metrics, the numbers are down. If you look at the bonuses paid, you don’t get a sufficient link between the financial performance of the company and the bonuses paid to directors,’ Mncube said.
Gold Fields CEO Nick Holland’s pay was cut to R24.9m last year, from R45m in 2012, which included share proceeds worth R13m. Holland’s CFO, Paul Schmidt saw his pay was cut to R16.3m last year from R20m in 2012, including share proceeds of R4m.
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