In a decisive display of shareholder unity, FirstRand Limited’s 27th Annual General Meeting (AGM) on Thursday, 30 November 2023, witnessed the resounding approval of all proposed resolutions.
The re-election of directors saw overwhelming support, with Z Roscherr securing 97.41% and T Winterboer an impressive 99.74% approval. Additionally, TC Isaacs, filling a vacancy during the year, gained a staggering 99.95% support.
Resolution | Votes For | Votes Against | Abstentions |
---|---|---|---|
Z Roscherr | 97.41% | 2.59% | 0.02% |
T Winterboer | 99.74% | 0.26% | 0.02% |
TC Isaacs (Vacancy Filled) | 99.95% | 0.05% | 0.02% |
FirstRand’s choice of external auditors, Ernst & Young Inc. and PricewaterhouseCoopers Inc., received substantial approval, securing 100.00% and 94.69%, respectively. The board’s appointment of Ernst & Young Inc. as the joint external auditor is pending regulatory approval.
Resolution | Votes For | Votes Against | Abstentions |
---|---|---|---|
Ernst & Young Inc. | 100.00% | 0.00% | 0.02% |
PricewaterhouseCoopers Inc. | 94.69% | 5.31% | 0.02% |
Resolution | Votes For | Votes Against | Abstentions |
---|---|---|---|
General Authority to Issue Shares for Cash | 93.09% | 6.91% | 0.03% |
Signing Authority to Director and/or Secretary | 100.00% | 0.00% | 0.02% |
Shareholders expressed their views on remuneration policies with advisory endorsements:
Resolution | Votes For | Votes Against | Abstentions |
---|---|---|---|
Advisory Endorsement 1 (Remuneration Policy) | 94.02% | 5.98% | 0.08% |
Advisory Endorsement 2 (Remuneration Implementation) | 95.92% | 4.08% | 0.10% |
Resolution | Votes For | Votes Against | Abstentions |
---|---|---|---|
Special Resolution 1 (Repurchase of Ordinary Shares) | 97.80% | 2.20% | 0.04% |
Special Resolution 2.1 (Financial Assistance – Directors) | 99.41% | 0.59% | 0.02% |
Special Resolution 2.2 (Financial Assistance – Entities) | 99.26% | 0.74% | 0.02% |
Special Resolution 3 (Non-Executive Directors’ Remuneration) | 98.55% | 1.45% | 0.03% |
Following the voluntary audit firm rotation process, Ernst & Young Inc. was appointed as the joint external auditor, replacing Deloitte & Touche. The appointment is effective from Thursday, 30 November 2023, subject to regulatory approval.
In compliance with the South African Reserve Bank’s Prudential Authority, Mr. RM Loubser retired from the board after completing his nine-year tenure. The board expressed gratitude for his leadership and dedicated service.
Mr. RW Jardine, who resigned effective Thursday, 30 November 2023, received acknowledgment for his strong stewardship of the board. The directors extended their best wishes for his future endeavors.
FirstRand’s AGM showcased a robust mandate from shareholders, indicating confidence in the board’s decisions and strategic directions. The appointment of Ernst & Young Inc. and changes to the board reflect the company’s commitment to governance excellence and responsive leadership. As the financial year progresses, stakeholders eagerly anticipate the positive impact of these resolutions on FirstRand’s growth and stability.
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