EQUITES PROPERTY FUND LIMITED - Update on the non-binding advisory vote on the remuneration policy

Release Date: 27/08/2018 15:11
Code(s): EQU
 
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Update on the non-binding advisory vote on the remuneration policy

EQUITES PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/080877/06)
JSE share code: EQU  ISIN: ZAE000188843
(Approved as a REIT by the JSE)
("Equites" or "the company")


UPDATE ON THE NON-BINDING ADVISORY VOTE ON THE REMUNERATION POLICY


Shareholders are referred to the SENS announcement released on Friday, 27 July 2018, relating to the results of
Equites' annual general meeting ("AGM") and the invitation to shareholders to engage with the company with respect
to the remuneration policy. Shareholders were afforded until Friday, 10 August 2018 to furnish Equites with their
dissenting concerns or queries in respect thereof.

Shareholders are advised that:

- Two shareholders, holding approximately 10.5% of voteable shares, who voted against the remuneration policy
  at the AGM, have engaged directly with the company.

- The primary concern raised by these shareholders was the lack of performance incentives as a component of the
  Long-Term Incentive Scheme. A secondary concern related to the use of budgets as a performance hurdle in
  determining awards to employees and/or directors in terms of the Short-Term Incentive Scheme.

- With regards to shareholders that may have acted on the recommendation of Institutional Shareholder Services
  ("ISS") to vote against the company’s remuneration policy, Equites has obtained a copy of the report issued by
  ISS setting out the concerns, and will table this report at the upcoming remuneration committee meeting.

- The remuneration committee is obtaining independent advice on all the matters raised and will discuss and agree
  changes to the company's Short and Long-Term Incentive Schemes at its next meeting in October 2018.

Shareholders will be advised of any proposed changes that result from this process.

27 August 2018


Sponsor
Java Capital

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