ANNUAL GENERAL MEETING
Mediclinic chief Meintjes to retire after eight years at helm
The outcomes of shareholder votes, including a key resolution on directors’ remuneration policy, are yet to be released
Mediclinic CEO Danie Meintjes announced his retirement on the morning of the company’s annual general meeting in London on Tuesday.
Meintjes will retire in July 2018 after 30 years with the company. He was appointed CEO of the JSE-listed hospital group in 2010.
The company now has a market capitalisation of more than R90bn and has hospitals in southern Africa, the UK and the Middle East. Mediclinic is also listed in London and Namibia.
At the meeting, shareholders voted on 18 ordinary and four special resolutions. The results of the voting are yet to be released. One of the key resolutions was to amend the directors’ remuneration policy.
Meintjes told shareholders that the company had taken a knock after the introduction of co-payments in Abu Dhabi, which had since been revoked.
Mediclinic had done a lot of work to realign its operations, Meintjes said.
"We have done all the heavy lifting. What we need now is for revenue to pick up."
Nonexecutive chairman Edwin Hertzog said while it was important to attract top-quality employees, the business had to spend wisely. "If you pay lavish salaries, operating costs skyrocket," he said.
Companies with a primary listing in London generally had higher remuneration than South African businesses, Nitrogen Fund Managers MD Rowan Williams said.
"They have to attract global management talent, as opposed to South African talent."
The outcome of the votes would be indicative of shareholders’ satisfaction with management, Williams said.
The share price was up 1.7% to R125.13 at the close of trade.