Bidvest directors suffer shareholder revolt over $59,000 Olympics expenses claim
Three directors of Bidvest Group Ltd, South Africa’s largest conglomerate, have suffered a shareholder revolt over $59,000 of expenses they claimed for attending the Paris 2024 Olympics.
The international services, trading and distribution company noted in a stock exchange statement this week that shareholders had rejected calls to reimburse the chairman and two non-executive directors for costs of around ZAR1m relating to the trips.
An annual general meeting held on Monday saw nearly 60 per cent of Bidvest shareholders reject the confirmation of reimbursement to Bonang Mohale, Renosi Mokate and Sindi Mabaso-Koyana.
The firm, whose annual revenue hit £5.27bn in the financial year to 30 June 2025, joined the African Sports Confederation and Olympic Committee in 2023 and cited this as justification for the trip.
Advisory firm Institutional Shareholder Services said last week in a note to clients that “support for this resolution… is not recommended given the relatively excessive amount”.
Bidvest shareholder revolt
The vote, according to a stock exchange statement issued by the Johannesburg-based company, saw one per cent of voters abstain on a turnout of 75.61 per cent. There were a total of 28 votes during the annual general meeting.
An earlier company statement stated that the “Paris Olympic Games was a proud moment and significant event for South Africa and naturally for Bidvest, as the headline sponsor of Team SA”.
The deal, which was launched in 2023, saw Bidvest aid the funding of “Operation Excellence” for elite athletes.
And South Africa’s 2024 Olympics saw the nation claim one gold as part of a six-strong medal haul.
Tatjana Smith won the women’s 100m breaststroke in the pool while also picking up a silver in the 200m equivalent.
The men’s 4x100m relay team and Javelin thrower Jo-Ane van Dyk claimed silvers across the track and field programme, while the men’s rugby sevens team and cyclist Alan Hatherly won bronzes.
Only three times have South Africa reached double figures at an Olympiad, at Rio de Janeiro 2016, Helsinki in 1952 and Antwerp 1920.