Choppies AGM Triumph: Shareholder Surge Backs Key Moves in Retail Giant’s Strategic Playbook

  • Strong Shareholder Support: Over 80% of Choppies shareholders approved key resolutions, signaling confidence in financial performance and governance.
  • Director Appointments: Mr. De Silva and Mr. Mogajane confirmed with 72% and 81% approval, respectively, reflecting shareholder trust.
  • Charitable Commitment: A special resolution for pre-approved donations garnered 91% approval, highlighting Choppies' commitment to social responsibility.
By Lethabo Ntsoane

Choppies Enterprises Limited, a leading retail giant with a primary listing on the Botswana Stock Exchange (BSE) and a secondary listing on the JSE Limited, announced the resounding success of its 2023 Annual General Meeting (AGM) held on November 27, 2023. Shareholders gathered to cast their votes on crucial resolutions, providing a mandate for key decisions shaping the company’s future.

Financial Performance and Governance

Approval of Group Audited Financial Statements

The first resolution, calling for the approval of the Group Audited Financial Statements for the year ending June 30, 2023, witnessed overwhelming support, with 81% of shareholders voting in favor. This positive response reflects confidence in the financial transparency and accountability of the company.

ResolutionVotes in FavorVotes AgainstAbstentionsTotal Shares Eligible to Vote
Group Audited Financial Statements81%0%18%1,730,609,714

Board Appointments and Re-elections

Confirmation of Director Appointments

The AGM also saw shareholders expressing their support for director appointments and re-elections. Mr. Ranjith Priyalal De Silva’s confirmation as an independent non-executive director received a nod from 72% of shareholders, indicating a measured approval from the investor community.

ResolutionVotes in FavorVotes AgainstAbstentionsTotal Shares Eligible to Vote
Confirmation of Mr. Ranjith Priyalal De Silva72%28%0%1,730,609,714

Mr. Andrew Dondo Mogajane’s appointment as a non-executive director also garnered substantial support, with 81% of shareholders voting in favor.

ResolutionVotes in FavorVotes AgainstAbstentionsTotal Shares Eligible to Vote
Confirmation of Mr. Andrew Dondo Mogajane81%18%0%1,730,609,714

Re-election of Independent Non-Executive Directors

The re-election of Mr. Uttum Corea and Mr. Valentine Chitalu, both as independent non-executive directors, demonstrated shareholder confidence in their continued contributions to the company’s governance. Mr. Corea received 72% approval, while Mr. Chitalu received 80%.

ResolutionVotes in FavorVotes AgainstAbstentionsTotal Shares Eligible to Vote
Re-election of Mr. Uttum Corea72%28%0%1,730,609,714
Re-election of Mr. Valentine Chitalu80%20%0%1,730,609,714

Auditors and Remuneration

Auditor Ratification and Remuneration Approval

Choppies shareholders ratified the appointment of Mazars as auditors for the ensuing financial year with an impressive 81% in favor and 18% abstentions.

ResolutionVotes in FavorVotes AgainstAbstentionsTotal Shares Eligible to Vote
Ratification of Mazars as Auditors81%0%18%1,730,609,714

Additionally, the remuneration paid to Mazars for the year ending June 30, 2023, was unanimously approved by shareholders, showcasing strong support for the company’s commitment to fair and transparent compensation practices.

ResolutionVotes in FavorVotes AgainstAbstentionsTotal Shares Eligible to Vote
Ratification of Mazars Remuneration100%0%0%1,730,609,714

Remuneration Policies

The approval of remuneration policies, both in principle (Resolution 8) and in implementation (Resolution 9), demonstrated shareholders’ alignment with the company’s approach to rewarding its executives. Resolution 8 received 80% approval, while Resolution 9 garnered 71%.

ResolutionVotes in FavorVotes AgainstAbstentionsTotal Shares Eligible to Vote
Approval of Remuneration Policy80%20%0%1,730,609,714
Implementation of Remuneration Policy71%29%0%1,730,609,714

Special Resolution on Donations

Charitable Contributions Pre-Approval

In a socially responsible move, shareholders overwhelmingly passed a special resolution to pre-approve donations for the year ending June 30, 2024. The resolution, in line with the company’s policy, allows for charitable contributions not exceeding 1.5% of EBITDA for FY2024, securing a resounding 91% approval.

ResolutionVotes in FavorVotes AgainstAbstentionsTotal Shares Eligible to Vote
Pre-approval of Donations for FY202491%9%0%1,730,609,714

Conclusion

The results of the Choppies Enterprises Limited 2023 AGM reflect a harmonious relationship between the company and its shareholders. The resounding support for financial statements, director appointments, auditor ratifications, and remuneration policies underscores confidence in Choppies’ strategic direction and governance practices. As the company continues to navigate the dynamic retail landscape, the positive outcomes of this AGM provide a solid foundation for future growth and prosperity.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo