Pick n Pay Shareholders Criticize Chairman Ackerman’s Fee
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Pick n Pay Stores Ltd.’s proposal to pay Chairman Gareth Ackerman 3 million rand ($397,000) in the year through February 2011 was criticized by two investors, who said the fee was out of line with that paid by other South African retailers.
“It sets a bad precedent,” shareholder Theo Botha said in an interview in Cape Town today, after the company’s annual meeting. “It’s very difficult to justify. It racks up chairmen’s fees in South Africa. I don’t think that’s a good thing.”