Delta Property Fund Limited, a prominent real estate investment trust (REIT) listed on the JSE, has recently made an important announcement regarding its Board of Directors. Ms Patricia Stock, a respected member of the Board, has tendered her resignation, effective from the later of 30 June 2023 or the audit sign-off date for the Company’s annual financial statements for the year ended 28 February 2023.
Ms Stock’s decision to step down from her position is directly attributed to her role as the CEO of MGI RAS, an audit firm. In accordance with MGI RAS’s revised non-executive director participation policy, which adheres to the company’s independence requirements and best practice policy, Ms Stock has chosen to resign from Delta Property Fund’s Board.
The Board of Directors expressed its gratitude for Ms Stock’s significant contributions throughout her tenure at the Company and conveyed their well wishes for her future endeavors.
Consequently, Delta Property Fund has initiated a thorough review of the composition of its Board. As part of this process, the Company has commenced the recruitment of new non-executive directors who will bring fresh perspectives and expertise to the governance structure. Shareholders will receive further updates regarding the appointment of a replacement for Ms Stock and the addition of new directors in due course.
Delta Property Fund is strongly committed to maintaining a highly skilled and diverse Board of Directors, ensuring effective corporate governance and strategic decision-making. The introduction of new directors is seen as an opportunity to enhance the Board’s strength and broaden its range of expertise.
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