Five things making headlines in South Africa today

Shoprite overhauls exec pay, Duduzane Zuma to appear at state capture commission, tourism department gets qualified audit and more.
Duduzane Zuma, the son of former president Jacob Zuma will be appearing before the state capture inquiry on Monday. Image: Siphiwe Sibeko, Reuters

Here’s what caught our attention on Monday:

1. Shoprite overhauls exec pay

Shoprite is planning an overhaul of the remuneration of its top managers next year. This comes as the retailer faces ongoing pressure for the performance criteria on both its short- and long-term incentives. Moneyweb is reporting that shareholders are questioning the vesting of the long-term incentives, adding that at its last AGM, 73% of shareholders voted against Shoprite’s remuneration policy, while 69% voted against its implementation.

Read: Under-fire Shoprite to overhaul exec pay

2. Duduzane Zuma to appear before state capture inquiry

The son of former president Jacob Zuma will be appearing at the State Capture Commission of Inquiry on Monday. According to EWN, Zuma will be giving his version of events after former deputy finance minister Mcebisi Jonas implicated him in his testimony. Jonas told the inquiry that Zuma drove him to the Gupta compound, where he was offered a bribe and the position of finance minister to do the family’s bidding. Former MP, Vytjie Mentor also implicated Zuma in her testimony.

3. Tourism department gets qualified audit

SA Tourism and the Department of Tourism received qualified audits, which tourism minister Mmamokolo Kubayi-Ngubane says were received with concern. The minister makes reference to an unidentified amount of fruitless and wasteful expenditure relating to Expanded Public Works Programme projects within the department as the main reason for the qualified audits.

Read: Tourism Department and SA Tourism get qualified audits

4. Clicks trading statement

Retail pharmacy company Clicks has revised its earning forecasts upward for the period ending August 31, 2019. Clicks now expects diluted headline earnings per share to increase between 15% and 18% to 661.6 cents and 678.9 cents for the period. The company says the revisions come after a stronger retail performance in the second half, and ‘UPD (United Pharmaceutical Distributers) benefitting from gaining new distribution contracts and further improvements in working capital management across the business’. Clicks will release its results on October 24, 2019.

5. Rand update

On Friday, the rand gained momentum against the dollar after data showed that US nonfarm payroll rose less than expected and the pace of job growth fell to its lowest in four months in September.

Locally, mining and manufacturing data for August is expected on Thursday.

On Monday, the rand was at R15.07 to the dollar at 8:55. 

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.


You must be signed in to comment.






Follow us:

Search Articles:Advanced Search
Click a Company: