Koos Bekker

Naspers maintains an enhanced voting rights share structure that gives historic A-share holders influence far exceeding their economic stake. The 2025 AGM results illustrate this imbalance: A shares accounted for approximately 86.9% of votes cast, while significant opposition from N shareholders could largely be overridden in the combined result. The structure fuels criticism of board accountability and long-term power around Koos Bekker.

State of the evidence

Documented

Legal status — source text

Not applicable

Before the Zondo Commission, former Communications Minister Yunus Carrim accused MultiChoice of conducting an intensive campaign against encryption of digital television set-top boxes to protect its position in pay television. He personally described Koos Bekker as an influential participant in approaches to government. Other testimony also criticised internal irregularities surrounding SABC/MultiChoice agreements.

Attribution

Direct responsibility

During his years as CEO, Bekker chose not to receive a conventional salary or benefits and was remunerated mainly through share options. Naspers' exceptional growth, largely driven by Tencent, turned this arrangement into an extraordinary fortune: the gross value of options disposed of was estimated in the press at up to approximately R20 billion, although the actual net gain after exercise prices and taxation was lower.

State of the evidence

Documented

Legal status — source text

Not applicable

Attribution

Directly implicated