In a pivotal Annual General Meeting (AGM) held on Thursday, Mahube Infrastructure Limited, found itself at the centre of shareholder scrutiny. The AGM, conducted on October 12, 2023, witnessed a robust participation with 48.99% of the total shares represented, totaling 27,019,789 shares. While several resolutions passed muster, including the election and re-election of directors and the appointment of members to the Audit and Risk Committee, two non-binding advisory resolutions faced significant opposition.
Mahube’s shareholders convened to evaluate the company’s trajectory and governance. However, the spotlight fell on the non-binding advisory resolutions, specifically Resolution 4.1 concerning the Remuneration Policy and Resolution 4.2 pertaining to the Remuneration Implementation Report. These resolutions failed to secure majority approval, with dissenting votes reaching 99.94% and 99.92%, respectively. This outcome has sparked concern and raised questions about the company’s remuneration strategies.
Voting Summary:
| Resolution | Votes For (%) | Votes Against (%) | Abstentions (%) |
|---|---|---|---|
| Election of M Kuscus | 94.53% | 5.47% | 0.03% |
| Ratification of M Kuscus as Chairman of the Board | 94.53% | 5.47% | 0.03% |
| Re-election of S Tuku | 94.53% | 5.47% | 0.03% |
| Appointment of Ms S Tuku as Chair of Audit Committee | 94.53% | 5.47% | 0.03% |
| Appointment of Ms M May to Audit Committee | 94.53% | 5.47% | 0.03% |
| Appointment of Ms M Shikwinya to Audit Committee | 94.46% | 5.54% | 0.03% |
| Re-appointment of Independent External Auditor | 94.53% | 5.47% | 0.03% |
| Non-binding Endorsement of Remuneration Policy | 0.06% | 99.94% | 0.03% |
| Non-binding Endorsement of Remuneration Implementation Report | 0.08% | 99.92% | 0.03% |
| Approval of Non-executive Directors’ Remuneration | 94.45% | 5.55% | 0.03% |
Table: Summary of AGM Resolutions
Shareholders who voted against the Remuneration Policy and Implementation Report resolutions have been invited to engage with Mahube Infrastructure Limited. Dissenting shareholders are encouraged to communicate their concerns via email to melinda@fusioncorp.co.za by November 30, 2023. The company has expressed its openness to feedback and will extend invitations to dissenting shareholders based on the responses received.
This development indicates a growing trend in shareholder activism within the South African corporate landscape, emphasizing the increasing importance of transparency and accountability in business practices. As shareholders await further developments, Mahube Infrastructure Limited finds itself at a crossroads, with the need for robust communication and responsive strategies to address shareholder concerns becoming more apparent.
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