Three senior directors at Bidvest Group Ltd, South Africa's largest services and distribution conglomerate, have faced a significant shareholder rebellion over expense claims totalling $59,000 for attending the Paris 2024 Olympic Games.
Shareholders Vote Down Reimbursement
During the company's Annual General Meeting held on Monday, nearly 60 per cent of shareholders voted against confirming the reimbursement of costs amounting to roughly ZAR 1 million. The expenses were claimed by chairman Bonang Mohale and non-executive directors Renosi Mokate and Sindi Mabaso-Koyana.
The Johannesburg-based firm disclosed the result in a stock exchange statement this week. The vote saw a turnout of 75.61 per cent, with one per cent of voters abstaining. A total of 28 votes were cast during the meeting.
Corporate Justification Meets Investor Scrutiny
Bidvest, which reported annual revenue of £5.27 billion for the year ending 30 June 2025, sought to justify the trips by citing its partnership with the African Sports Confederation and Olympic Committee (ANOCA), which began in 2023. The company is the headline sponsor of Team South Africa.
In a prior statement, Bidvest called the Paris Games "a proud moment and significant event for South Africa and naturally for Bidvest." The sponsorship deal funds "Operation Excellence," a programme supporting elite athletes.
However, the advisory firm Institutional Shareholder Services (ISS) recommended clients vote against the resolution. In a note last week, ISS stated that support was "not recommended given the relatively excessive amount" of the claimed expenses.
South Africa's Olympic Success and Corporate Fallout
The 2024 Paris Olympics were a successful outing for South Africa, with the nation securing a six-medal haul. The standout performance came from swimmer Tatjana Smith, who won gold in the women's 100m breaststroke and silver in the 200m event.
Other medals included:
- Silver for the men's 4x100m relay team.
- Silver for javelin thrower Jo-Ane van Dyk.
- Bronze for the men's rugby sevens team.
- Bronze for cyclist Alan Hatherly.
This shareholder revolt highlights growing investor focus on corporate governance and executive spending, even when tied to prestigious national sponsorships. The decisive vote signals that shareholders are scrutinising all major expenditures, regardless of their symbolic value.
