Famous Brands Limited recently held its Annual General Meeting (AGM) where shareholders decisively voted in favour of key resolutions. The company also provided a voluntary market update for the four-month period between March and June 2023. Furthermore, Famous Brands announced the intended retirement of its long-serving Chairperson, Ms. Santie Botha, in 2024.
AGM Results
At the highly anticipated AGM held on 20 July 2023, Famous Brands shareholders demonstrated their overwhelming support for the proposed resolutions, underscoring their confidence in the company’s strategic direction. All resolutions as outlined in the Notice of AGM were passed with a requisite majority.
| Resolution | Percentage (%) of shares in issue | For (%) | Against (%) | Number of shares voted | Abstain |
|---|---|---|---|---|---|
| Adoption of the AFS | 80.50% | 100.00% | 0.00% | 80,658,379 | 0.41% |
| Re-appointment of external auditors | 80.58% | 100.00% | 0.00% | 80,743,253 | 0.32% |
| Election of director: Mr N Adami | 80.58% | 99.99% | 0.01% | 80,742,253 | 0.32% |
| Election of director: Mr N Halamandaris | 80.58% | 99.99% | 0.01% | 80,742,253 | 0.32% |
| Election of director: Mr T Mosololi | 80.58% | 99.99% | 0.01% | 80,746,953 | 0.32% |
| Election of member of Audit and Risk Comm. | 80.58% | 97.44% | 2.56% | 80,742,253 | 0.32% |
| Election of member of Audit and Risk Comm. | 80.58% | 99.99% | 0.01% | 80,746,953 | 0.32% |
| Election of member of Audit and Risk Comm. | 80.58% | 97.76% | 2.24% | 80,742,253 | 0.32% |
| Election of member of Audit and Risk Comm. | 80.58% | 99.99% | 0.01% | 80,746,953 | 0.32% |
| General authority | 80.58% | 100.00% | 0.00% | 80,744,303 | 0.32% |
| Approval of the Remuneration Policy | 80.57% | 84.58% | 15.42% | 80,737,143 | 0.33% |
| Approval of the Remuneration Implementation Report | 80.57% | 87.10% | 12.90% | 80,737,143 | 0.33% |
| Special Resolution 1.1 | 80.57% | 99.87% | 0.13% | 80,736,723 | 0.33% |
| Special Resolution 1.2 | 80.57% | 99.99% | 0.01% | 80,736,723 | 0.33% |
| Special Resolution 1.3 | 80.57% | 99.96% | 0.04% | 80,736,723 | 0.33% |
| Special Resolution 1.4 | 80.57% | 99.96% | 0.04% | 80,736,723 | 0.33% |
| Special Resolution 1.5 | 80.57% | 99.96% | 0.04% | 80,736,723 | 0.33% |
| Special Resolution 1.6 | 80.57% | 99.96% | 0.04% | 80,736,723 | 0.33% |
| Special Resolution 1.7 | 80.57% | 99.96% | 0.04% | 80,736,723 | 0.33% |
| Special Resolution 1.8 | 80.57% | 99.96% | 0.04% | 80,736,723 | 0.33% |
| Special Resolution 1.9 | 80.58% | 99.96% | 0.04% | 80,740,423 | 0.32% |
| Special Resolution 1.10 | 80.58% | 99.96% | 0.04% | 80,740,953 | 0.32% |
| Special Resolution 1.11 | 80.57% | 99.96% | 0.04% | 80,736,723 | 0.33% |
| Special Resolution 1.12 | 80.58% | 99.96% | 0.04% | 80,740,423 | 0.32% |
| Special Resolution 1.13 | 80.57% | 99.96% | 0.04% | 80,736,723 | 0.33% |
| Special Resolution 1.14 | 80.57% | 99.96% | 0.04% | 80,736,723 | 0.33% |
| Special Resolution 1.15 | 80.57% | 92.89% | 7.11% | 80,736,723 | 0.33% |
| Special Resolution 2 | 80.58% | 99.79% | 0.21% | 80,743,253 | 0.32% |
| Special Resolution 3 | 80.58% | 99.75% | 0.25% | 80,743,253 | 0.32% |
Voluntary Market Update
In addition to the AGM results, Famous Brands’ management provided a comprehensive voluntary market update covering the four-month period from March to June 2023. The update was delivered by the Chief Executive Officer and provided valuable insights into the company’s performance during this time. Shareholders and stakeholders can access the detailed presentation made during the AGM on the company’s website.
Intended Retirement of Chairperson in 2024
In accordance with the JSE Limited Listings Requirements and Debt Listings Requirements, Famous Brands officially announced the forthcoming retirement of Ms. Santie Botha, the current Chairperson and an independent non-executive director. Ms. Botha has served on the company’s Board for an impressive tenure of approximately 11 years. Her retirement is expected to take place following the next annual general meeting, which is tentatively scheduled to be held in July 2024.
The early notification of Ms. Botha’s intended retirement is an essential step to ensure a smooth and efficient transition of leadership. Famous Brands has already initiated the process of identifying a suitable successor for the prestigious position of Chairperson. Shareholders will be promptly informed once a candidate has been selected and appointed.
Conclusion
Famous Brands’ recently concluded AGM demonstrated strong shareholder support for the company’s strategies and management team, as evidenced by the overwhelming approval of all proposed resolutions. The voluntary market update provided transparency and allowed shareholders to gain insights into the company’s performance for the previous four months.
