Allan Gray delivers Group Five shake-up
Eight new nonexecutive directors appointed face immediate prospect of releasing details of hefty losses
The eight new nonexecutive directors who secured appointment to the Group Five board at Monday’s extraordinary shareholders’ meeting are faced with the immediate prospect of releasing the details of hefty losses notched up by the construction company in the year to June.
Monday’s historic meeting marks the first time a shareholder of a large listed company has successfully used the new Companies Act to replace all the nonexecutive directors on a board. Foord Asset Managers attempted to reconstitute the PPC board in 2014 but was outmanoeuvred by the incumbent board members.