The scene is set for another humdinger of an annual general meeting (AGM) at Coronation next week. Shareholder activist Theo Botha, who has ensured that the previous three AGMs were extended affairs, says the Coronation board has failed to tell shareholders about a proposed significant change to the company’s memorandum of incorporation that shareholders have to vote on next week. But his major concern right now is that the proposed new memorandum of incorporation deprives shareholders of access to accounting records without adequately informing them. In the new memorandum, article 35 merely confirms what shareholders are entitled to in terms of the Companies Act. A Coronation representative said there would be "no substantive change to shareholders’ rights to access company records as part of the proposed [memorandum of incorporation] and these rights are as set out in, and aligned with, the Companies Act". According to the representative, the only accounting records shareholders a...
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