In a display of resounding support for the company’s direction and leadership, shareholders of Vodacom Group Limited voted overwhelmingly in favor of all proposed resolutions during the twenty-eighth annual general meeting (AGM) held on Thursday, 20 July 2023. The AGM, which took place at Vodacom World and included electronic participation via an online meeting platform, saw an impressive turnout of shareholders, actively participating in the decision-making process.
Vodacom Group Limited, a leading telecommunications company based in the Republic of South Africa, presented a series of resolutions covering various aspects of its operations, governance, and remuneration policy. The voting results, detailed in a table below, reflect the confidence and trust shareholders have in the company’s strategic direction and management.
|Resolution Number||Description||Number of Ordinary Shares Voted||Votes in Favor (%)||Votes Against (%)||Abstentions (%)|
|1||Adoption of Audited Annual Financial Statements||1,950,830,193||99.98||0.02||0.05|
|2||Election of Ms. AI Dimitrova as a Director||1,951,198,076||98.36||1.64||0.04|
|3||Re-election of Mr. MS Aziz Joosub as a Director||1,951,193,802||99.52||0.48||0.04|
|4||Re-election of Mr. KL Shuenyane as a Director||1,951,190,822||99.57||0.43||0.04|
|5||Re-election of Mr. CB Thomson as a Director||1,951,197,516||99.49||0.51||0.04|
|6||Re-election of Mr. P Klotz as a Director||1,951,197,516||98.29||1.71||0.04|
|7||Re-election of Ms. LS Wood as a Director||1,951,195,316||98.03||1.97||0.04|
|8||Appointment of EY as Auditors of the Company||1,951,190,824||99.99||0.01||0.04|
|9||Approval of the advisory vote on the remuneration policy||1,951,158,120||99.30||0.70||0.04|
|10||Approval for the advisory vote on the implementation of the remuneration policy||1,951,163,120||99.02||0.98||0.04|
|11||Re-election of Mr. CB Thomson as a member of the Audit, Risk, and Compliance Committee||1,951,170,283||99.80||0.20||0.04|
|12||Re-election of Mr. KL Shuenyane as a member of the Audit, Risk, and Compliance Committee||1,951,166,319||99.69||0.31||0.04|
|13||Re-election of Ms. NC Nqweni as a member of the Audit, Risk, and Compliance Committee||1,951,166,319||99.88||0.12||0.04|
|14||General authority to repurchase ordinary shares in the Company||1,949,670,857||99.51||0.49||0.11|
|15||Increase in non-executive directors’ fees||1,951,095,779||99.90||0.10||0.04|
|16||Section 45 – Financial assistance to related and interrelated companies||1,951,150,071||99.42||0.58||0.04|
The resolutions covered vital matters, including the adoption of audited annual financial statements, the election and re-election of directors, the appointment of auditors, and approvals related to the company’s remuneration policy.
The AGM commenced with the Chairman of Vodacom Group welcoming shareholders and expressing gratitude for their commitment and engagement with the company. In his opening remarks, he highlighted the company’s achievements over the past year and outlined its strategic vision for the future.
Addressing Resolution Number 1, the adoption of audited annual financial statements, shareholders overwhelmingly voted in favor, with an impressive 99.98% of the votes cast supporting the resolution. This approval reflects the trust shareholders have in the company’s financial stewardship and its commitment to transparency and accountability.
Resolution Number 2, which concerned the election of Ms. AI Dimitrova as a Director, garnered substantial support from shareholders, with 98.36% of the votes in favor. Ms. Dimitrova’s expertise and experience were recognized as valuable additions to the Board of Directors, enhancing diversity and strengthening the leadership team.
Similarly, shareholders reaffirmed their confidence in the existing directors, Mr. MS Aziz Joosub, Mr. KL Shuenyane, Mr. CB Thomson, Ms. LS Wood, and Mr. P Klotz, by voting overwhelmingly in favor of their re-election. The high level of support for the re-election of these directors signifies shareholders’ belief in their capability to guide the company effectively.
The appointment of EY as auditors of the company, Resolution Number 8, was endorsed by a near-unanimous vote, with 99.99% of shareholders supporting the resolution. This appointment signifies the importance of maintaining a robust and independent auditing process within the company.
Resolutions pertaining to the remuneration policy, which included an advisory vote on the policy (Resolution Number 9) and its implementation (Resolution Number 10), were met with strong approval from shareholders, with 99.30% and 99.02% of the votes in favor, respectively. The endorsement of the remuneration policy reflects the alignment of shareholders’ interests with the company’s commitment to rewarding performance and promoting long-term value creation.
The AGM also saw the re-election of members of the Audit, Risk, and Compliance Committee, namely, Mr. CB Thomson, Mr. KL Shuenyane, and Ms. NC Nqweni. The substantial support for their re-elections (99.80%, 99.69%, and 99.88%, respectively) demonstrates shareholders’ confidence in their abilities to uphold high standards of corporate governance and risk management.
Special resolutions, which required a higher threshold for approval, were also met with considerable support from shareholders. Notably, Special Resolution Number 1, granting the company the general authority to repurchase ordinary shares, received approval from 99.51% of the votes cast, reflecting confidence in the company’s ability to make strategic investments.