Spar Group Limited Appoints Funke Ighodaro as Independent Non-Executive Director

In a move aimed at bolstering its leadership team, Spar Group Limited has announced the appointment of Ms. Olufunke (Funke) Ighodaro as an Independent Non-Executive Director. The decision comes following the conclusion of the Company’s 2024 Annual General Meeting held on Wednesday, February 21, 2024.

Ms. Ighodaro brings with her a wealth of experience and a distinguished career in finance and corporate governance. She currently serves as an Independent Non-Executive Director and Chair of the Audit Committee at Old Mutual Limited and its subsidiary, Old Mutual Life Assurance Company. Additionally, she holds the position of Lead Independent Director and Chair of the Investment Committee at Sabvest Capital Limited. Ms. Ighodaro also serves as an Independent Non-Executive Director at Telkom SOC Limited.

Professional Background

Ms. Ighodaro holds a Bachelor of Science (Honours) degree in Operational Research from the University of Salford. She is a Fellow of the Institute of Chartered Accountants in England and Wales, as well as a Chartered Accountant (SA).

Changes to Board Committees

Alongside the appointment of Ms. Ighodaro, there have been significant changes to the composition of Spar’s Board committees.

• Mr. Pedro da Silva has resigned from his position as an interim member of the Audit Committee.
• Mr. Lwazi Koyana has stepped down from his role as interim Chairman of the Audit Committee but will continue as a member.
• Ms. Funke Ighodaro has been appointed as a member and Chairman of the Audit Committee.
• Ms. Trudi Makhaya has been appointed to serve as the Chairman of the Social, Ethics, and Sustainability Committee.

These changes, effective from Thursday, February 22, 2024, mark a strategic realignment of Spar’s governance structure.

Enhanced Leadership and Governance

The appointment of Ms. Olufunke Ighodaro and the restructuring of the Board committees underscore Spar’s commitment to robust corporate governance and strategic leadership. With Ms. Ighodaro’s extensive experience and expertise, the Company aims to further strengthen its position in the market and drive sustainable growth.