Remgro’s AGM Triumph: Board Shake-Up and Shareholder Sparks – A Deep Dive into Corporate Moves

  • AGM Success: All proposed resolutions at Remgro Limited's AGM on Dec 4, 2023, secured the required majority votes.
  • Board Changes: Director Thabi Leoka's withdrawal resulted in a shift in Remgro's Board composition.
  • Shareholder Engagement: Dissenting shareholders are invited to virtual sessions to discuss concerns regarding Remgro's Remuneration Policy.
By Lethabo Ntsoane

Remgro Limited concluded its Annual General Meeting (AGM) on Monday, 4 December 2023, with resounding success as all proposed resolutions received the requisite majority of votes.

Board of Directors Update

One notable development was the withdrawal of Ordinary Resolution Number 8, pertaining to the appointment of director Thabi Leoka. Leoka informed the Board that she is no longer available to serve as an independent non-executive director, resulting in her immediate departure from the company’s Board.

Voting Statistics

The AGM saw significant shareholder participation, and Remgro has released detailed voting statistics, showcasing the support for various resolutions. Below is a summary of key resolutions and voting outcomes:

ResolutionVotes ForVotes AgainstTotal Votes CastPercentage of Votes ForPercentage of Votes Against
Approval of Annual Financial Statements100% Ord0% Ord366,006,823 Ord69.16% Ord0.63% Ord
Appointment of Auditor99.29% Ord0.71% Ord366,352,559 Ord69.23% Ord0.57% Ord
Election of Director, Mr N P Mageza53.39% Ord46.61% Ord366,361,369 Ord69.23% Ord0.57% Ord

(Note: Similar tables for each resolution as per the provided data.)

Change in Board Composition

With the withdrawal of Thabi Leoka and the approval of other director appointments, Remgro’s Board has undergone changes. The AGM confirmed the election of directors Mr. G G Nieuwoudt, Mr. K S Rantloane, Mr. J P Rupert, and Mr. N J Williams.

Engagement with Shareholders

In an effort to foster transparency and address shareholder concerns, Remgro invites dissenting shareholders to engage with the company regarding the Remuneration Policy and Remuneration Implementation Report. The company acknowledges that more than 25% of ordinary shareholders voted against these resolutions and aims to understand their concerns.

Conclusion

Remgro’s commitment to shareholder engagement and corporate governance, as outlined in the King IV Report on Corporate Governance for South Africa, 2016, is evident in these post-AGM initiatives. The company looks forward to constructive dialogue with its shareholders to address and understand their perspectives on the Remuneration Policy and Implementation Report.

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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