Sanlam’s 2024 AGM: Strong Shareholder Backing with 95%+ Resolution Approval

  • AGM Resolutions Passed: Shareholders approved all special and ordinary resolutions at Sanlam's 2024 AGM.
  • CEO Term Extended: Paul Hanratty's term as CEO has been extended until December 31, 2027.
  • Strong Shareholder Support: Voting outcomes reflect strong shareholder confidence in Sanlam's leadership and strategic direction.

Sanlam Limited has released its 2024 AGM results. The meeting took place on June 5, 2024, at 13:00.

Sanlam’s AGM saw shareholders approve all special and ordinary resolutions proposed. These were outlined in the notice to shareholders dated March 28, 2024.

Shareholder Participation

Shareholder participation was strong, with 76.07% of Sanlam’s issued ordinary shares eligible to vote. As of the Voting Record Date on May 24, 2024, Sanlam had 2,202,916,000 ordinary shares in issue.

Here’s a breakdown of key resolutions and voting outcomes:

ResolutionFor (%)Against (%)Ordinary Shares VotedShares Abstained (%)
Reappointment of Auditors100.000.001,638,686,0500.16
Appointment of P Fourie99.980.021,639,485,2070.12
Appointment of A du Preez99.980.021,639,485,2070.12
Re-election of Temba Mvusi95.544.461,639,485,2060.12
Re-election of Anton Botha97.512.491,639,485,2070.12
Re-election of Sipho Nkosi97.682.321,629,106,7630.59
Re-election of Karabo Nondumo97.652.351,639,485,2070.12
Re-election of Johan van Zyl98.211.791,639,485,2020.12
Re-election of Kobus Möller97.472.531,639,485,2020.12
Election of Abigail Mukhuba99.750.251,639,485,2020.12
Election of Andrew Birrell99.320.681,639,485,2020.12
Election of Nicolaas Kruger99.240.761,629,106,7580.59
Election of Mathukana Mokoka97.003.001,629,106,7580.59
Election of Kobus Möller (Audit)86.1213.881,639,485,2020.12
Election of Karabo Nondumo (Audit)97.732.271,639,485,2020.12
Election of Ndivhuwo Manyonga (Audit)99.850.151,639,485,2020.12

Key Approvals

The meeting approved the reappointment of KPMG Inc. and PricewaterhouseCoopers Inc. as joint independent auditors for 2024.

Non-Executive and Executive Directors Re-election

Shareholders re-elected several non-executive directors, showing strong support for the board’s leadership.

Notable votes included the re-election of Temba Mvusi (95.54% for), Anton Botha (97.51% for), and Sipho Nkosi (97.68% for).

Audit Committee Election

The election of Audit Committee members received substantial backing. Andrew Birrell secured 99.32% votes, while Nicolaas Kruger received 99.24%.

Remuneration Policy and Report

Sanlam’s remuneration policy and implementation report were endorsed, with 94.64% and 91.51% support, respectively. This reflects strong shareholder confidence in Sanlam’s executive pay structure.

CEO Succession Update

In a significant development, Sanlam announced that CEO Paul Hanratty has extended his term until December 31, 2027.

Hanratty’s extended tenure is expected to provide stability and continuity for Sanlam’s strategic initiatives.

Special Resolutions Approved

Shareholders approved several special resolutions, including:

  1. Approval of non-executive directors’ remuneration for July 2024 to June 2025.
  2. Authority for Sanlam or a subsidiary to acquire the company’s securities.
  3. Specific authority to repurchase SPV Sanlam shares from a wholly-owned subsidiary.

Special Resolution Voting Outcomes

Special ResolutionFor (%)Against (%)Ordinary Shares VotedShares Abstained (%)
Non-executive Directors’ Remuneration95.894.111,639,485,2070.12
Authority to Acquire Securities94.745.261,639,485,2070.12
Authority to Repurchase SPV Shares100.000.001,261,251,3450.12

Conclusion

Sanlam’s AGM demonstrated robust shareholder engagement and decisive approvals for key resolutions, setting a confident path forward for the company.