Old Mutual consulted more than 50 per cent of its shareholder base before proposing the new remuneration policy, an Old Mutual spokesman said. Anglo-South African financial services firm Old Mutual has proposed a maximum payout for chief executive Bruce Hemphill of 1,000 per cent of his 2016 base salary in the firm's managed separation incentive plan. Hemphill's 2016 base salary is proposed at 900,000 pounds (Sh132 million). The plan, to be voted on at a general meeting following the company's annual general meeting on June 28, replaces the firm's previous remuneration policy, after Old Mutual said in March it planned to break itself into four parts. The maximum payout will depend on the achievement of performance targets measured at the earlier of the completion of the managed separation, or on March 11, 2020, Old Mutual said in notes attached to a circular detailing the two meetings.

Source: The Star June 02, 2016 03:32 UTC