Shoprite Holdings Limited, a stalwart in the South African retail landscape, held its Annual General Meeting (AGM) on Monday, 13 November 2023. Shareholders gathered to cast their votes on key resolutions shaping the company’s future. The results, released today, reveal a resounding approval from the shareholders.
The first resolution, seeking approval of the annual financial statements, witnessed robust support from shareholders. The breakdown of votes is as follows:
| Resolution | Number of Shares Voted | Percentage in Favor | Percentage Against | Abstained |
|---|---|---|---|---|
| Approval of Financial Statements | 407,665,847 | 68.94% | 0.00% | 0.08% |
The overwhelming endorsement from shareholders reflects confidence in Shoprite’s financial health and transparency.
Resolution two, focusing on the appointment of auditors, garnered significant support:
| Resolution | Number of Shares Voted | Percentage in Favor | Percentage Against | Abstained |
|---|---|---|---|---|
| Appointment of Auditors | 407,997,100 | 69.00% | 0.32% | 0.02% |
This decisive approval signals shareholders’ trust in the chosen auditors to provide effective financial oversight.
Resolutions pertaining to the election and reelection of directors showcased varying degrees of support:
| Resolution | Director | Number of Shares Voted | Percentage in Favor | Percentage Against | Abstained |
|---|---|---|---|---|---|
| Election of Prof. H. Mathebula | Prof. H. Mathebula | 407,997,100 | 69.00% | 0.00% | 0.02% |
| Reelection of Dr. C. Wiese | Dr. C. Wiese | 407,997,100 | 69.00% | 31.25% | 0.02% |
| Election of S. Maseko | S. Maseko | 407,997,100 | 69.00% | 0.00% | 0.02% |
While some directors faced minimal opposition, others, like Dr. Christo Wiese, encountered more divided opinions.
Resolutions for the appointment of members to the Audit and Risk Committee exhibited solid shareholder support:
| Resolution | Committee Member | Number of Shares Voted | Percentage in Favor | Percentage Against | Abstained |
|---|---|---|---|---|---|
| Appointment to Audit and Risk Committee (L. de Beer) | Linda de Beer | 407,997,100 | 69.00% | 0.76% | 0.02% |
| Appointment to Audit and Risk Committee (N. Gobodo) | Nonkululeko Gobodo | 407,997,100 | 69.00% | 0.24% | 0.02% |
The shareholders’ nod for these appointments reinforces the commitment to robust governance structures.
Several resolutions, ranging from general authorities over unissued shares to non-binding advisory votes on remuneration policies, received substantial shareholder backing:
| Resolution | Number of Shares Voted | Percentage in Favor | Percentage Against | Abstained |
|---|---|---|---|---|
| General Authority over Unissued Ordinary Shares | 407,988,440 | 68.99% | 7.99% | 0.02% |
| Non-Binding Advisory Vote 1 (Remuneration Policy) | 407,988,430 | 68.99% | 28.45% | 0.02% |
| Non-Binding Advisory Vote 2 (Implementation Report) | 407,933,842 | 68.98% | 22.99% | 0.03% |
| General Authority to Issue Ordinary Shares for Cash | 407,988,440 | 68.99% | 8.68% | 0.02% |
These decisions underline the alignment of strategic direction between the company and its shareholders.
Shoprite’s AGM also saw the approval of special resolutions addressing specific corporate actions:
| Sub-Resolution | Number of Shares Voted | Percentage in Favor | Percentage Against | Abstained |
|---|---|---|---|---|
| Remuneration Payable to Chairman of the Board | 672,957,542 | 75.03% | 1.00% | 0.02% |
| Remuneration Payable to Lead Independent Director | 672,966,202 | 75.03% | 0.06% | 0.01% |
The diverse remuneration resolutions reflect shareholders’ nuanced views on compensation for key roles.
| Resolution | Number of Shares Voted | Percentage in Favor | Percentage Against | Abstained |
|---|---|---|---|---|
| Financial Assistance to Subsidiaries and Entities | 672,798,105 | 75.01% | 1.23% | 0.03% |
This resolution signifies shareholder acceptance of strategic financial assistance to related entities.
| Resolution | Number of Shares Voted | Percentage in Favor | Percentage Against | Abstained |
|---|---|---|---|---|
| General Authority to Repurchase Ordinary Shares | 672,564,085 | 74.98% | 0.55% | 0.06% |
The nod to repurchase ordinary shares indicates confidence in the company’s strategic use of capital.
The combined results for ordinary and deferred shares echo the decisive support for Shoprite’s strategic direction:
| Combined Resolution | Number of Combined Shares Voted | Percentage in Favor | Percentage Against | Abstained |
|---|---|---|---|---|
| Approval of Annual Financial Statements | 672,634,959 | 75.03% | 0.00% | 0.05% |
| Appointment of Auditors | 672,966,212 | 75.03% | 0.19% | 0.01% |
| Election/Reelection of Directors | Various | 75.03% | Varies | 0.01% |
| Appointment to Audit and Risk Committee | Various | 75.03% | Varies | 0.01% |
| General Authorities and Advisory Votes | Various | 75.03% | Varies | 0.01% |
| Special Resolutions | Various | 75.01% – 75.03% | Varies | 0.01% |
The amalgamated support across diverse resolutions underscores shareholders’ confidence in Shoprite’s current trajectory and future plans.
The AGM results affirm Shoprite Holdings Limited’s commitment to transparency, governance, and shareholder engagement. As the company navigates the evolving retail landscape, the resounding approval of these resolutions provides a robust mandate for the path forward. Shareholders have expressed confidence in Shoprite’s leadership, financial strategies, and governance structures, setting the stage for continued success in the South African retail sector.
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