An event to remember
Naspers: Bekker the devil you know...
Naspers chair shuts down shareholder activist at AGM
As AGMs go, it was an unusual affair. As Naspers AGMs go, it was an extreme affair, with shareholder activist Theo Botha coming close to interrogating the super-sensitive and super-valuable issue of share incentive trusts. In a controversial move that might be a contravention of the Companies Act, chairman Koos Bekker shut down questioning before Botha could ask for an explanation of proposed amendments to the three trusts, including transferring the domicile of one from Mauritius to Dubai. Since Naspers listed in 1994, its AGMs have been tightly choreographed events designed to ensure no room for surprise. Even after Naspers hit the big time with its Tencent investment, the AGM remained remarkably grey and predictable. For the past 10 years, it has continued to be an event dominated by white males in suits who come to give thanks to the board. It has reeked of unquestioning gratitude.
The comfortable, symbiotic relationship has suited the fund managers and the board — appropr...
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