In a significant demonstration of investor confidence, Coronation Fund Managers Limited (CML) saw resounding support from shareholders during its Annual General Meeting (AGM) held on February 20, 2024. The meeting, conducted entirely through electronic communication, witnessed the passage of all resolutions proposed by the company, reflecting a robust mandate from its stakeholders.
Resolutions Overview
The AGM witnessed a series of resolutions, each crucial to the company’s operations and governance. Here’s a breakdown of the key resolutions and their voting outcomes:
Resolution | Votes For (%) | Votes Against (%) | Total Shares Voted | Percentage of Shares in Issue |
---|---|---|---|---|
Re-election of Dr. Hugo Nelson | 93.62 | 6.38 | 226,283,685 | 64.69% |
Re-election of Prof. Alexandra Watson | 85.03 | 14.97 | 226,283,685 | 64.69% |
Confirmation of Alethea (Lea) Conrad | 98.34 | 1.66 | 185,364,739 | 52.99% |
Re-appointment of KPMG Inc. as Auditor | 99.32 | 0.68 | 226,171,786 | 64.66% |
Re-election of Audit and Risk Committee: | ||||
– Ms. Lulama Boyce | 78.67 | 21.33 | 226,283,685 | 64.69% |
– Dr. Hugo Nelson | 83.88 | 16.12 | 226,283,685 | 64.69% |
– Mrs. Madichaba Nhlumayo | 97.25 | 2.75 | 226,283,685 | 64.69% |
– Mr. Sakhiwd (Saks) Ntombela | 95.90 | 4.10 | 226,283,685 | 64.69% |
Non-binding advisory vote on Remuneration Policy: | ||||
– Remuneration Policy | 92.51 | 7.49 | 226,279,152 | 64.69% |
– Remuneration Policy Implementation Report | 93.23 | 6.77 | 226,279,152 | 64.69% |
Special Resolutions: | ||||
– Inter-company Financial Assistance | 100.00 | 0.00 | 226,283,685 | 64.69% |
– Financial Assistance for Share Subscription/Purchase | 99.98 | 0.02 | 226,283,684 | 64.69% |
– Remuneration of Non-Executive Directors | 96.46 | 3.54 | 226,283,685 | 64.69% |
– Share Repurchases by the Company and its Subsidiaries | 98.60 | 1.40 | 226,283,685 | 64.69% |
– Amendment of the Memorandum of Incorporation | 100.00 | 0.00 | 226,283,684 | 64.69% |
Strong Support for Governance and Strategy
The resolutions encompassed various aspects of corporate governance, including the re-election of directors and the confirmation of the company’s registered auditor. Notably, all resolutions received significant support from shareholders, with many exceeding the 90% threshold.
Reflecting Investor Confidence
The overwhelming approval of the resolutions reflects investors’ confidence in Coronation Fund Managers’ leadership, strategic direction, and financial stewardship. Such strong support underscores the company’s commitment to transparency, accountability, and shareholder value.
Conclusion
Coronation Fund Managers’ AGM outcomes highlight a harmonious alignment between the company and its shareholders regarding key strategic decisions. The resounding support for the proposed resolutions signals a vote of confidence in the company’s management team and its long-term vision.
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