Shareholder move to rejuvenate Netcare board
Shareholders Sanlam, the Public Investment Corp, Visio and BlackRock recently raised concerns over the tenures of some directors
A makeover for the board of hospital group Netcare is in the works after pressure from shareholders over the tenure of its non-executive members, some of whom have been in place for more than 20 years. Netcare CEO Richard Friedland said this week that shareholders Sanlam, the Public Investment Corp (PIC), Visio and BlackRock had recently raised concerns over the tenures of some directors. At the hospital group's annual general meeting last week, 14.08% of shareholders voted for Azar Jammine to be removed after nearly 21 years on the main board, while 34.19% wanted him to leave the audit committee. In the case of board member Norman Weltman, who has served for almost 20 years, the vote for him to step down from the main board was 15.63% and for him to leave the audit committee was 16.04%. Of Netcare's seven nonexecutive directors, Jammine and Weltman are the longest serving; other members have been serving for between four and 12 years. Friedland said: "The issue regarding the indepe...
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