Absa Group Limited announced the successful completion of its Annual General Meeting (AGM). Shareholders demonstrated robust support for all resolutions presented.
Meeting Overview
Absa Group held its hybrid AGM on 4 June 2024. All resolutions were passed by the requisite majorities. The meeting saw significant participation, with 66% of the total votable shares represented.
Shareholder Participation
The total issued share capital of Absa Group stands at 894,376,907 shares. At the AGM, 590,398,729 shares were present or represented, equating to 66% of the total votable shares.
Voting Results Summary
Here is a detailed summary of the voting results for each resolution:
| Resolution | For (%) | Against (%) | Abstain (%) | Total Votes | % of Issued Capital |
|---|---|---|---|---|---|
| Reappointment of KPMG Inc as external auditors | 99.81% | 0.19% | 0.19% | 588,707,805 | 65.82% |
| Reappointment of PwC Inc as external auditors | 99.98% | 0.02% | 0.19% | 588,707,805 | 65.82% |
| Reelection of director – Arrie Rautenbach | 91.83% | 8.17% | 0.19% | 588,707,805 | 65.82% |
| Reelection of director – Ihron Rensburg | 99.35% | 0.65% | 0.19% | 588,707,805 | 65.82% |
| Reelection of director – John Cummins | 99.98% | 0.02% | 0.19% | 588,707,805 | 65.82% |
| Reelection of director – Rose Keanly | 89.72% | 10.28% | 0.19% | 588,707,805 | 65.82% |
| Reelection of director – Sello Moloko | 99.09% | 0.91% | 0.19% | 588,693,600 | 65.82% |
| Election of director – Alison Beck | 99.96% | 0.04% | 0.19% | 588,707,805 | 65.82% |
| Election of director – Alpheus Mangale | 98.90% | 1.10% | 0.19% | 588,707,805 | 65.82% |
| Election of director – Luisa Diogo | 99.99% | 0.01% | 0.19% | 588,707,805 | 65.82% |
| Election of director – Peter Mageza | 99.71% | 0.29% | 0.19% | 588,707,805 | 65.82% |
| Reappointment of Group Audit and Compliance Committee member – Alison Beck | 99.98% | 0.02% | 0.19% | 588,707,805 | 65.82% |
| Reappointment of Group Audit and Compliance Committee member – Peter Mageza | 99.71% | 0.29% | 0.19% | 588,707,805 | 65.82% |
| Reappointment of Group Audit and Compliance Committee member – Fulvio Tonelli | 96.90% | 3.10% | 0.19% | 588,707,805 | 65.82% |
| Reappointment of Group Audit and Compliance Committee member – René van Wyk | 69.26% | 30.74% | 0.19% | 588,707,805 | 65.82% |
| Reappointment of Group Audit and Compliance Committee member – Tasneem Abdool-Samad | 99.40% | 0.60% | 0.19% | 588,707,805 | 65.82% |
| Placing the authorised but unissued ordinary shares under the control of the directors | 97.95% | 2.05% | 0.36% | 587,150,290 | 65.65% |
| Approval of remuneration policy (Non-binding advisory vote) | 83.94% | 16.06% | 0.19% | 588,707,642 | 65.82% |
| Approval of implementation report (Non-binding advisory vote) | 83.12% | 16.88% | 0.19% | 588,707,732 | 65.82% |
| Approval of non-executive directors’ remuneration (Special Resolution) | 98.15% | 1.85% | 0.19% | 588,675,002 | 65.82% |
| General authority to directors to approve repurchase of shares (Special Resolution) | 99.67% | 0.33% | 0.19% | 588,661,359 | 65.82% |
| Financial assistance for subscription of securities (Section 44 of Companies Act) | 97.05% | 2.95% | 0.19% | 588,707,805 | 65.82% |
| Financial assistance to a related or inter-related company (Section 45(1) of Companies Act) | 97.66% | 2.34% | 0.19% | 588,707,805 | 65.82% |
Notable Resolutions
KPMG Inc and PricewaterhouseCoopers Inc were reappointed as external auditors with overwhelming support. KPMG received 99.81% votes in favor, while PwC secured 99.98%.
Director Elections and Re-elections
Shareholders re-elected several directors, demonstrating confidence in the current leadership. Notable re-elections include:
- Arrie Rautenbach with 91.83% in favor.
- Ihron Rensburg with 99.35% in favor.
- John Cummins with 99.98% in favor.
- Rose Keanly with 89.72% in favor.
New directors were also elected with significant support. Alison Beck received 99.96% approval, while Luisa Diogo had an impressive 99.99% in favor.
Audit and Compliance Committee
The reappointment of the Group Audit and Compliance Committee members saw strong backing. However, René van Wyk had a notable dissent with 30.74% votes against.
Remuneration Policy and Implementation Report
The non-binding advisory votes on the remuneration policy and its implementation report passed with 83.94% and 83.12% in favor, respectively. These results reflect shareholder satisfaction with the Group’s executive compensation structure.
Special Resolutions
Special Resolutions included approval of non-executive directors’ remuneration, general authority to repurchase shares, and financial assistance provisions. These were all passed with high approval rates, indicating strong shareholder confidence in the company’s strategic decisions.
Key Takeaways
The AGM results reflect strong shareholder confidence in Absa Group’s management and strategic direction. The high approval rates for auditor reappointments and director elections underscore this sentiment.
Leadership Changes
Ms. Daisy Naidoo retired from the Board after eight years of service, effective 4 June 2024. The Group expressed gratitude for her contributions.
Conclusion
Absa Group’s AGM demonstrated strong shareholder support, with all resolutions passed comfortably. The company is well-positioned to continue its strategic initiatives with a reinforced leadership team.