Fortress AGM: Shareholder Showdown and Board Reshuffle Spark Corporate Waves in Real Estate Investments

  • AGM Results: Fortress Real Estate Investments' AGM saw approval for most resolutions, but non-binding vote on remuneration faced opposition.
  • Shareholder Dissent: 32.40% of shareholders voted against the remuneration implementation report, prompting Fortress to address concerns and seek feedback.
  • Board Changes: Following Vuyiswa Ramokgopa's retirement, Fortress announced changes to board sub-committees, including new appointments and roles.
By Lethabo Ntsoane

Fortress Real Estate Investments Limited (formerly Fortress REIT Limited) has disclosed the outcomes of its Annual General Meeting (AGM) held on Friday, 1 December 2023. Shareholders witnessed the passing of several resolutions, but two notable items faced resistance.

AGM Results

At the AGM, the total number of Fortress shares in issue stood at 2,295,302,462. The resolutions saw significant shareholder participation, with 1,775,684,765 shares, representing 81.62% of the total, present or represented. Notably, ordinary resolution number 6, relating to the general authority to issue shares for cash, and non-binding advisory vote number 2, concerning the approval of the remuneration implementation report, faced opposition.

Detailed Voting Results:

ResolutionA Shares Voted (%)B Shares Voted (%)Total Shares Voted (%)
Confirmation of Edwin Oblowitz as Director81.2673.0377.32
Election of Caswell Ramokgadi Rampheri81.2673.0377.32
Re-election of Vuso Majija as Director81.2673.0377.32
Appointment of Jon Hillary as Director81.2673.0377.32
Re-election of Susan Ludolph to Audit Committee81.2673.0277.32
Re-election of Edwin Oblowitz to Audit Committee81.2673.0277.32
Re-election of Jan Potgieter to Audit Committee81.2673.0377.32
Appointment of Auditor81.2673.0277.32
General Authority to Issue Shares for Cash81.2673.0377.32
Special Resolution: Financial Assistance81.2673.0377.32
Special Resolution: Repurchase of Shares81.2673.0377.32
Special Resolution: Non-executive Directors’ Fees81.2673.0377.32
Special Resolution: Directors’ Additional Special Payments81.2673.0377.32
Authority to Implement Resolutions81.2673.0277.32
Non-binding Advisory Vote 1: Remuneration Policy81.2673.0377.32
Non-binding Advisory Vote 2: Remuneration Implementation Report81.2673.0377.32

Changes to Board Sub-Committees

The AGM also marked changes to Fortress’s board sub-committees, effective 1 December 2023, resulting from Vuyiswa Ramokgopa’s retirement and Jon Hillary’s appointment. The following appointments were made:

  • Caswell Rampheri appointed as a member of the nomination committee.
  • Edwin Oblowitz appointed as a member of the risk committee.
  • Thavanesan Chetty appointed as chairman of the social, ethics, and sustainability committee.
  • Vuso Majija appointed as a member of the social, ethics, and sustainability committee.
  • Jon Hillary appointed as a member of the audit committee, the property and investment committee, and the remuneration committee.

Fortress expresses its commitment to considering all shareholder concerns and, where appropriate, addressing legitimate and reasonable feedback.

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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