Fairvest Limited, a South African real estate investment trust (REIT), held its annual general meeting (AGM) on Tuesday, 5th March 2024. Shareholders gathered to vote on various resolutions, including the election of directors, appointment of auditors, and approval of remuneration policies.
Resolutions Passed
The majority of resolutions presented at the AGM were approved by Fairvest shareholders. This includes the election of directors, reappointment of members of the Audit and Risk Committee, appointment of auditors, and general authority to issue shares for cash.
Election of Directors
Fairvest shareholders voted on the election of directors, with significant support for the proposed candidates. The table below summarizes the voting results for the election of directors:
| Resolution | Votes For | Votes Against | Abstentions |
|---|---|---|---|
| Election of F Futwa | 72.06% | 0% | 0.03% |
| Election of M Buya | 72.06% | 0% | 0.03% |
| Re-election of K Nkuna | 75.26% | 15.83% | 1.71% |
| Re-election of J Wiese | 76.20% | 2.19% | 0.76% |
| Re-election of J Kriel | 75.35% | 0% | 0.79% |
Appointment of Auditors
Fairvest shareholders also approved the appointment of Mazars as the company’s auditors. However, there were notable votes against this resolution, indicating some dissent among shareholders.
Authority to Sell Treasury Shares
Despite the overall approval of most resolutions, shareholders did not pass the ordinary resolution granting authority to sell treasury shares. This resolution faced significant opposition, with 31.76% of votes against it.
Response and Implications
The outcome of the AGM reflects shareholders’ confidence in Fairvest’s leadership and operational strategies. However, the failure to pass the resolution on the authority to sell treasury shares may prompt further discussions and considerations within the company.
Fairvest’s management is likely to assess the reasons behind the dissenting votes and communicate with shareholders to address any concerns. The company may also explore alternative strategies regarding the sale of treasury shares in the future.
Conclusion
Fairvest Limited’s AGM concluded with the approval of most resolutions, highlighting shareholders’ support for the company’s direction. However, the rejection of the authority to sell treasury shares indicates the importance of transparent communication and alignment between the company and its investors.
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