ON THE SPOT
Are SA’s asset managers starting to find their activist voice?
Giulietta Talevi speaks to retail investor’s corporate crusader, Theo Botha
Aggressive activism — outside of politics — isn’t a popular pastime in SA. We’re more likely to gripe than gun for wayward executives. Which is why the overhaul of Group Five’s board is a big deal. Business Day spoke to the retail investor’s corporate crusader, Theo Botha. Do you think asset managers are actually more activist than we give them credit for? I wouldn’t say they’re activist, but there are companies that have set up a communication channel where substantial shareholders can engage with them. In those meetings [investors] can discuss what they really want to discuss and they can say, "Hey, I don’t think the governance is good". But those meetings should be documented. They could be discussing issues which have a fundamental effect on the company’s future income. In a way those asset owners and asset managers get an inside track, don’t they? Often I sit in meetings and they’ll say, "Well, off the record," and release the information. In so doing they make you part of an i...
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