Bidvest Group plans to reclaim R1 million after shareholders oppose Paris Olympics trip expenses
Bidvest Group has confirmed that it will recover around R1 million spent on a recent Paris Olympics trip
Image: File
Bidvest Group has confirmed that it will recover around R1 million spent on a recent Paris Olympics trip by its chairman and two non-executive directors.
This comes after shareholders at the company’s annual general meeting on Monday rejected the reimbursement, with 59.7% voting against the payment.
The Paris trip, which included the chairman and two non-executive directors, was justified by Bidvest as part of its sponsorship of the South African Sports Confederation and Olympic Committee.
However, Institutional Shareholder Services, the world’s largest proxy advisory firm, recommended that shareholders reject the reimbursement, calling the expenses excessive and potentially compromising the independence of the directors.
"Bidvest shareholders are advised that at the AGM of members held on Monday, 1 December 2025, all the ordinary and special resolutions, with the exception of special resolution 1, were passed by the requisite majority votes. As a remedy, Bidvest will recover the expenses paid from the relevant non-executive directors," the company said.
According to Bloomberg, Bidvest justified its request for approval by noting its sponsorship of the South African Sports Confederation and Olympic Committee.
“Support for this resolution … is not recommended given the relatively excessive amount,”
Last month, Business Report also reported that a suspended Bidvest Services executive, Puso Fisher, is facing disciplinary action after accusing the company’s chief executive, Akona Matsau, of arranging employment for a supplier company’s procurement manager’s son in exchange for preferred service provider status.
Fisher reportedly made a disclosure to group executive director Gillian McMahon, who asked her to provide a written statement to the group head of internal audit.
IOL Business
mthobisi.nozulela@iol.co.za