Sibanye-Stillwater shareholders holding almost half of the company's shares have demonstrated their dissatisfaction with the generous pay packages dished out to the mining company's executives, including a R190m payout for its CEO, Neal Froneman.

Fin24 reports at the company's AGM on Friday, shareholders holding 47.92% of company stock voted down Sibanye's remuneration implementation report, while 52.71% voted in favour of it.

When shareholders holding more than 25% of shares vote against such a non-binding advisory vote, companies are required by the JSE listing requirements – in line with the King Code on corporate governance – to engage with shareholders over their concerns. 

This was the case last year too when just over 26% of shareholders voted against executive pay packages, which included Froneman's R300m remuneration package.

Sibanye's James Wellsted said the remuneration questions posed by shareholders at Friday's AGM sought to understand how the remuneration works.

Following last year's AGM, Wellsted said Sibanye had met with main shareholders to engage them on their concerns, and this resulted in the board making amendments to the remuneration policy.

‘But there's still some pushback, so we'll go on the road again and try and engage and get some sort of agreement,’ he said.

Full Fin24 report