MAS P.L.C. AGM: Shareholder Showdown Unveils Divisions Over Compensation Policies and Sparks Transparency Debate

  • MAS P.L.C. AGM Results: Shareholders voted on key resolutions, with 82.57% present or represented, revealing both support and dissent.
  • Compensation Policies: MAS faced shareholder dissent on executive compensation policies, failing to meet the 75% threshold required.
  • Shareholder Engagement: The company invites dissenting shareholders to address concerns via email, emphasizing a commitment to transparency.
By Lethabo Ntsoane

MAS P.L.C., a company registered in Malta, faced a challenging Annual General Meeting (AGM) on Thursday, December 7, 2023. Shareholders gathered to vote on critical resolutions, revealing both significant support and dissent.

Shareholder Turnout and Key Numbers

Despite having 716,145,729 shares in issue, the AGM’s effective voting pool excluded treasury shares and those under the MAS Share Purchase Scheme. Shareholders holding 591,353,989 shares, representing 82.57% of the total, were present or represented at the meeting.

Here is a breakdown of the key numbers:

Total MAS Shares716,145,729
Treasury Shares16,586,906 (ineligible to vote)
MAS Share Purchase Scheme Shares11,651,931 (ineligible for specific resolutions)
Shareholders Present/Represented591,353,989 (82.57%)

Voting Results: A Closer Look

Resolution 1: Approval of Financial Statements

  • Shares Voted: 588,297,102 (84.10%)
  • For: 588,297,102 (100%)
  • Against:
  • Abstentions: 3,056,887 (0.44%)

Resolution 2: Reappointment of Auditor

  • Shares Voted: 588,297,102 (84.10%)
  • For: 588,297,102 (100%)
  • Against:
  • Abstentions: 3,056,887 (0.44%)

Resolutions 3.1 to 3.4: Confirmation and Election of Directors

  • Detailed breakdowns of votes for each director.

Resolution 4: General Authority to Repurchase Issued Shares

  • Shares Voted: 578,295,171 (84.07%)
  • For: 506,594,437 (87.60%)
  • Against: 71,700,734 (12.40%)
  • Abstentions: 3,056,887 (0.44%)

Resolutions 5, 6, 7, and 8: Authorities and Approvals

  • Similar breakdowns for each resolution.

Shareholder Concerns on Compensation Policies

MAS P.L.C. faced a significant challenge regarding its Compensation Policy and Implementation Report for Executive Directors. These failed to meet the 75% threshold required by JSE Listings Requirements.

Resolution 6: Advisory Approval of Compensation Policy

  • Shares Voted:
    562,957,322 (81.84%)
  • For: 341,316,869 (60.63%)
  • Against: 221,640,453 (39.37%)
  • Abstentions: 18,394,736 (2.67%)

Resolution 8: Advisory Approval of Compensation Implementation Report for Executive Directors

  • Shares Voted: 578,295,171 (84.07%)
  • For: 408,320,928 (70.61%)
  • Against: 169,974,243 (29.39%)
  • Abstentions: 3,056,887 (0.44%)

Conclusion

MAS P.L.C.’s AGM provided a platform for shareholders to voice concerns, particularly regarding compensation policies. The board’s commitment to engagement reflects a dedication to addressing shareholder queries and upholding corporate governance standards. The company awaits responses from dissenting shareholders, anticipating a constructive dialogue to enhance transparency and shareholder value.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo