The Sanlam annual general meeting turned out to be an informative occasion. There was shareholder activist Theo Botha debating the definition of "to make public" with Robert Roux, head of Sanlam Investment Managers. Roux’s comment about only needing to be transparent "to the right people" was worth the trip to Bellville. Later, just as shareholders thought all the action was over and chairman Johan van Zyl was on track to a smooth completion of the voting, there was more activity. Someone rushed to the stage and whispered to CEO Ian Kirk, who walked over to the podium and whispered to Van Zyl, who had just wrapped up ordinary resolution 7.1. Van Zyl shared the message with the audience. It seems someone holding 7.7-million shares had decided at the last minute to vote in support of resolution 7.2, the nonbinding advisory vote on the remuneration implementation report. In a company with more than 2-billion shares not a lot hangs on the voting of 7.7-million of them. Unless you happen...
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