The manner in which Coronation plans to select directors to retire by rotation has raised eyebrows after the fund manager published proposed amendments to its memorandum of incorporation. On Monday, Coronation said it had changed its founding document, which it planned to put to the vote at its annual meeting next week, to include the generally accepted practice of retiring a third of its directors each year. Shareholders could then re-elect the directors, if they were eligible. Coronation’s old memorandum of incorporation offered a third of its nonexecutive directors retirement by rotation, with executives and other staff who also act as directors shielded from this requirement. In terms of the new memorandum, all of the longest-serving directors would be up for retirement at each annual meeting, but if these directors were all elected on the same day, those to retire would be "determined by lot" unless otherwise agreed. Coronation did not respond to questions, but told the market ...

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