Old Mutual Faces Investor Backlash Over Executive Remuneration

Old Mutual Ltd., South Africa’s biggest insurer by assets, has encountered shareholder opposition to its pay packages for top executives, days after lender Absa Group Ltd. faced similar disapproval.

Owners of almost 32% of Old Mutual’s stock rejected the company’s remuneration policy, which sets out the performance metrics for directors and executives, at its annual general meeting on Friday. And holders of 29% of the shares voted against the implementation of a report that lays out how much executives earned.

Chief Executive Officer Jurie Strydom was paid 23 million rand ($1.4 million) last year, or 74% of his ...