Until five or six years ago, Remgro’s annual general meetings were quite formulaic events. The large conference hall at Erinvale golf hotel was packed with generally extremely contented shareholders who had come to pay their respects, hear some comments on global markets and have a few nice snacks before they headed home. It is possible that in all the years, somebody did ask a probing question or two, but no one can recall that ever happening. It seems the Somerset West crowd were far too mannerly (and grateful) to be probing. That all changed when Theo Botha decided to fly all the way down to the Cape to attend. For a few years, shareholders were treated to an informative, albeit sometimes tense, engagement between Botha and Johann Rupert on corporate governance issues. While the discussions became livelier, the voting remained unexciting — 90% or more for all resolutions except those involving the re-election of Fred Robertson. In 2015, 19.25% of shareholders in attendance voted ...
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