Olympics Trip for Bidvest Board Draws Shareholder Concern (2)

South African conglomerate Bidvest Group Ltd. is having to explain itself to shareholders after asking them to endorse the bankrolling of a Paris Olympics trip for its chairman and two non-executive directors.

Institutional Shareholder Services Inc., the world’s biggest proxy advisory firm, has recommended that stockholders vote against reimbursing Chairman Bonang Mohale, Lead Director Renosi Mokate and non-executive director Sindi Mabaso-Koyana for the trip. The vote will be held at the Johannesburg-based company’s annual general meeting on Dec. 1.

“Bidvest engaged with shareholders in a pre-AGM call last week during which this particular resolution was one of the ...