Truworths commits to transformation of its board
Following complaints by activists, clothing retailer says women and blacks will have 30% representation in the near term
Clothing retailer Truworths, which has been targeted by activist shareholders because of the dominance of long-standing white males on its board and executive management team, says it is fully committed to transformation and is on track to reach its board-level BEE targets within 18 months. Earlier this week activists slammed the board and executive management team of Truworths, which has only two black women on its 11-member board, for being completely detached from the demographic of its core customers. Bishop Jo Seoka, chairman of Active Shareholder, which advises nongovernmental organisations how to vote their shares, described the board as the “quintessential old boys’ club”. Group chairman Hilton Saven told shareholders ahead of Wednesday’s annual general meeting that Truworths had a “solid policy in terms of transformation” and women and blacks would have 30% board representation “in the near term”. In the mining sector 50% of directors must be black, of which 20% must be bla...
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