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Shareholder activists in SA don’t have it easy. CEOs typically hate anyone questioning their multimillion-rand pay packages and boards of directors don’t like to be challenged on trifles like accounting high jinks or shoddy oversight. Just ask Theo Botha, who has tackled self-important directors at the AGMs of companies including Sasol, Absa, Sappi, Super Group and JD Group.

Albie Cilliers, a Cape-based farmer with an engineering degree, is another activist who has wrangled big changes at firms, including KWV and Sovereign Foods...

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