Finweek English Edition - - THE WEEK -

On 16 Novem­ber, Sho­prite CEO Whitey Bas­son bought shares worth nearly R30m in the re­tailer on the open mar­ket, pay­ing an av­er­age of R135.36 a share. The share price, which is down nearly 15% over the past 12 months, was up more than 4% on 17 Novem­ber, when the pur­chase was an­nounced. Bas­son came un­der fire re­cently for his R50.1m pay pack­age for the year to end June, com­pared with pay­ment of R50m for the pre­vi­ous year. The Pub­lic In­vest­ment Cor­po­ra­tion (PIC), with a 12.6% stake Sho­prite’s largest share­holder, voted against the re­tailer’s re­mu­ner­a­tion pol­icy, mainly be­cause Bas­son’s pay was largely fixed, rather than per­for­mance-based.

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