In a resounding display of investor confidence, Transcend Residential Property Fund Limited announced the successful outcome of its Annual General Meeting (AGM) held on Friday, August 25, 2023. The company, registered in South Africa under the registration number 2016/277183/06, saw a remarkable 90.29% of its total shares present or represented at the AGM, showcasing a strong commitment from shareholders.
Transcend, which operates in the residential property sector, had proposed a series of ordinary, non-binding, and special resolutions, all of which received overwhelming approval from shareholders. These resolutions encompassed a range of matters, including the election and re-election of directors, audit and risk committee appointments, endorsement of remuneration policies, and granting the company authorities to implement key decisions.
The AGM’s voting results, expressed as a percentage of the total 163,932,679 Transcend shares as of the AGM’s record date, are tabulated below:
| Resolution | For (%) | Against (%) | Abstained (%) |
|---|---|---|---|
| Election of Tshepisho Makofane as independent non-executive director | 99.97 | 0.03 | 0.00 |
| Election of Shaun Stewart as independent non-executive director | 100.00 | 0.00 | 0.00 |
| Re-election of Greg Booyens as non-executive director | 100.00 | 0.00 | 0.00 |
| Re-election of Michael Aitken as independent non-executive director | 100.00 | 0.00 | 0.00 |
| Re-election of Robert Wesselo as non-executive director | 100.00 | 0.00 | 0.00 |
| Election of Michael Simpson Aitken as member and chairman of the Audit and Risk Committee | 99.45 | 0.55 | 0.00 |
| Election of Shaun Stewart as member of the Audit and Risk Committee | 100.00 | 0.00 | 0.00 |
| Election of Tshepisho Makofane as a member of the Audit and Risk Committee | 99.97 | 0.03 | 0.00 |
| Appointment of KPMG Incorporated as independent external auditors | 100.00 | 0.00 | 0.00 |
| Authority to implement resolutions | 100.00 | 0.00 | 0.00 |
| Endorsement of the Remuneration Policy | 97.47 | 2.53 | 0.00 |
| Endorsement of the Remuneration Implementation Report | 97.47 | 2.53 | 0.00 |
| Approval of remuneration of the independent non-executive directors | 99.42 | 0.58 | 0.00 |
| Authority to provide financial assistance | 98.06 | 1.94 | 0.00 |
| Authority to repurchase shares by the Company | 96.33 | 3.67 | 0.00 |
One of the most noteworthy aspects of the AGM was the staggering level of support for the resolutions. Each ordinary, non-binding, and special resolution secured an impressive majority, reflecting shareholders’ trust in the company’s leadership and strategic direction.
The election and re-election of directors drew unanimous support, emphasizing the shareholders’ confidence in the expertise and leadership of the board. Tshepisho Makofane and Shaun Stewart’s election as independent non-executive directors received almost unanimous backing, with 99.97% and 100% approval, respectively.
Furthermore, the endorsement of the Remuneration Policy and the Remuneration Implementation Report saw significant approval, with 97.47% of shareholders supporting the resolutions, despite 2.53% expressing concerns. This outcome showcases the transparency and accountability that Transcend seeks to maintain in its operations.
The AGM also witnessed resounding backing for special resolutions. Notably, the approval of remuneration for independent non-executive directors received 99.42% support, highlighting the alignment between the company’s leadership and its shareholders’ interests.
The company’s efforts to ensure effective governance and transparency were underscored by the unanimous appointment of KPMG Incorporated as independent external auditors, as well as granting the company the authority to repurchase shares and provide financial assistance.
As Transcend continues to navigate the dynamic real estate landscape, the outcomes of this AGM serve as a resounding vote of confidence, demonstrating the collective commitment to shaping a prosperous future for the company and its shareholders.
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