EOH to trim the number of executive directors on its board
EOH would trim the number of executive directors on its board, hire more nonexecutives and review its remuneration policy after shareholders nearly voted it down last week, said CEO Zunaid Mayet. Mayet told Business Day that in line with the company’s new strategy and business model, announced in March, "it was always planned that we would then reconfigure the board". EOH is splitting its operations in two, with one division retaining the EOH brand and focusing on organic growth and the other also targeting acquisitions. The new business model would naturally result in fewer board executives, Mayet said. The board was "a bit bloated" and the group wanted a higher ratio of nonexecutive directors to decision-makers. The reconfiguration would also apply to subcommittees, including the audit committee, and would likely be completed within weeks. "It’s also about ensuring we’ve got the right skills on the board and that it’s the strategic sounding board that we need it to be, and about p...
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