A chunk of Spar shareholders seem to be taking note of the huffing and puffing by the auditing profession about the need for continuity and the Independent Regulatory Board for Auditors’ (IRBA’s) recommendations for mandatory auditor rotation. At Tuesday’s annual general meeting, an unprecedented 36% of shareholders voted against the reappointment of Deloitte & Touche as external auditors. An additional 9.3% abstained from voting, presumably because they haven’t quite made up their minds — or at least suspect there may be some value in the IRBA’s recommendation. As an ordinary resolution needing just 50% approval, it was passed. But at this rate, 2018’s vote could be touch and go. The details of the voting at Spar’s meeting show again how critical it is that the JSE enforces full and prompt disclosure of the voting results. In addition to the auditors’ vote, 12.4% of shareholders voted against the reappointment of Chris Wells to the audit committee, 9% voted against Harry Mehta’s re...
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