Power play and conflict
NEWS ANALYSIS: High noon looms for Group Five
Backroom manoeuvres have featured at Group Five, where shareholder Allan Gray wants a completely new board
High noon looms for construction company Group Five as a precedent-setting vote to install an entirely new board of directors will take place on Monday.
The meeting was called by 25% shareholder Allan Gray, whose director, Andrew Lapping, said he had "lost confidence" in the board — the first time a shareholder has taken such a bold step. Ahead of the meeting, Group Five’s board, led by chair Philisiwe Mthethwa (wife of arts & culture minister Nathi Mthethwa), promptly resigned.