GOVERNANCE
Setting the AGM straight
The verdict is in: allow shareholders to ask direct questions at your annual general meeting or risk the wrath of South Africa’s regulators
Full marks to the JSE for providing a first-class example of how a listed company should conduct an AGM.
You wouldn’t think it was necessary to have to demonstrate the application of one of the most basic rights of investors, but as frustrated shareholders at Astral, Spar, Nampak, Spur and Coronation will tell you, it is necessary. Those shareholders, and a swathe of others including those of all the major banks, were forced to battle their way through all manner of obstructions in a bid to be heard by their board in recent years; in the case of Coronation’s latest AGM, their battle failed spectacularly. ..
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