Shareholders reject top South African company’s R1 million Olympics trip

South African conglomerate Bidvest said shareholders rejected its reimbursement of a trip to the Paris Olympics by its chairman and two non-executive directors. 

At an annual general meeting held on 1 December, 59.7% of shareholders rejected the resolution to rubber stamp the payments, the Johannesburg-based company said in a stock exchange statement on Tuesday.

The payments, totaling about R1 million, were made to Chairman Bonang Mohale, Lead Director Renosi Mokate and non-executive director Sindi Mabaso-Koyana.

Institutional Shareholder Services, the world’s biggest proxy advisory firm, had recommended stockholders vote against the payments, saying they were excessive and may compromise the independence of the directors.

Bidvest had justified its request for the approval by saying the company is a sponsor of the South African Sports Confederation and Olympic Committee.