RH Bophelo Limited has announced the successful outcome of its Annual General Meeting (AGM) held on 11 August 2023. The AGM not only witnessed the resounding approval of all resolutions but also marked a transformative moment for the company’s board and leadership.
In a decisive move, shareholders rallied to support all ordinary and special resolutions put forth in the AGM notice distributed on 30 June 2023. The turnout was impressive, with 93% of eligible shares represented either in person or by proxy. The result underscores shareholders’ confidence in the company’s strategic direction.
The most notable aspect of the AGM was the reshaping of the company’s board. The resignations of Lyndsay Maseko, Dr Kgaogelo Ntshwana, and John Oliphant as Independent Non-Executive Directors, effective from the AGM date, was a key development. They opted not to seek re-election, opening the door for new leadership.
Mr. Samson Moraba emerged as the fresh face of the board, taking on the role of Independent Non-Executive Chairman. This appointment introduces a new perspective to the company’s leadership, a move praised by shareholders.
Additionally, the AGM ratified the appointments of Fulufhelo Makwetla and Romeo Makhubela as members of the Board. Their election is seen as an infusion of diverse expertise into the company’s leadership.
The composition of the Audit and Risk Committee also experienced a significant transformation. Bojane Segooa assumed the role of Chairperson of the committee, succeeding Lyndsay Ronald Maseko. The AGM confirmed Fulufhelo Makwetla and Romeo Makhubela as new members of the committee, adding their insights to crucial oversight functions.
Resolutions Passed:
| Resolution No. | Description | Votes For | Votes Against | Abstained |
|---|---|---|---|---|
| 1 | Approval of audited annual financial statements | 99.89% | 0.11% | 0.03% |
| 2 | Election of Fulufhelo Makwetla as a Board member | 99.89% | 0.11% | 0.03% |
| 3 | Election of Romeo Makhubela as a Board member | 99.89% | 0.11% | 0.03% |
| … | … | … | … | … |
The positive endorsement of the Company’s Remuneration Policy and Remuneration Implementation Report through non-binding advisory votes further demonstrated shareholders’ alignment with the company’s compensation practices.
While celebrating these new appointments and shareholder support, RH Bophelo also announced the resignation of Ms. Vuyokazi Nomvalo as an executive director from the Board, effective from the AGM date. Her departure marks another transition in the company’s leadership landscape.
The AGM’s outcomes highlight RH Bophelo’s commitment to robust governance, strategic growth, and responsive leadership. With fresh perspectives and renewed enthusiasm, the company positions itself for an exciting chapter ahead, bolstered by a strong foundation of shareholder trust and support.
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