Just Share has attended the following six AGMs since July 2023, asking 26 questions relating to inequality (wage/gender pay gaps and income inequality), diversity and transformation, climate change, and related governance issues:
- Pick n Pay Stores Limited, 19 July 2023
- Investec Limited, 3 August 2023
- Shoprite Holdings Limited, 13 November 2023
- Sasol Limited, 17 November 2023 (cancelled)
- Woolworths Holdings Limited, 22 November 2023
- FirstRand Limited, 30 November 2023
This, our second and final AGM roundup for 2023, summarises key issues addressed at these six AGMs, offers insights into how they were conducted in view of companies hosting hybrid AGMs, and highlights commitments made by the companies in response to questions asked.
In this roundup:
- Sasol’s AGM is cancelled following interruption by climate protesters.
- Pick n Pay is the only company of the six attended by Just Share not to have hosted a hybrid AGM, electing to continue using the electronic-only format adopted during Covid.
- Companies are still resisting proper disclosure of how they assess the ESG-related competence of their boards.
- Pick n Pay lags its peers, Shoprite and Woolworths, in setting and disclosing emission reduction targets, but commits to having Science Based Targets initiative (SBTi)-verified scope 1 and 2 targets in its 2024 disclosures, and a baseline assessment of its scope 3 emissions.
- Pick n Pay continues to refuse to disclose the remuneration of its lowest-paid workers, despite Shoprite and Woolworths already doing so.
- Shoprite is the only major South African food retailer to have set a scope 3 emission reduction target.
- Woolworths declines to link achievement of its renewable energy targets to executive remuneration incentives.
- Woolworths struggles to justify how the CEO’s single-figure remuneration is “fair and responsible in the context of overall employee remuneration”.
- Shoprite and Woolworths encounter challenges in integrating renewable energy but remain committed to their long-term renewable energy targets.
- FirstRand has disclosed an internal annual minimum wage of R198,500 for its banking-roles.
- Investec acknowledges that its South African business has not achieved the same level of progress as in the UK on gender diversity, especially regarding “front-facing” leadership.
- Investec acknowledges its engagement with government on key issues but does not take responsibility for the transparency of these engagements.
Just Share would like to thank all our partners, funders, fellow activists and friends for your continued support this year. We wish you a happy and restful festive season.
The Just Share Team
Our offices will be closed from 18 December 2023 to 10 January 2024.
IMAGE: 123RF / magiccopybook
