SA Corporate Real Estate Limited (JSE: SAC) held its annual general meeting (AGM) today. The company announced that all resolutions were approved by a significant majority of shareholders.
Key Highlights from the AGM
Shareholders voted on a variety of resolutions, including the re-election of directors and approval of financial policies.
Shareholder Participation and Voting Outcomes
A total of 1,747,899,280 shares, representing 69.51% of issued shares, were voted at the AGM.
| Resolution | Shares Voted | % of Shares in Issue | For (%) | Against (%) | Abstained (%) |
|---|---|---|---|---|---|
| Re-election of Ms EM Hendricks | 1,747,862,292 | 69.50% | 92.35% | 7.65% | 0.00% |
| Re-election of Mr GJ Heron | 1,747,899,280 | 69.51% | 100.00% | 0.00% | 0.00% |
| Re-election of Mr MA Moloto | 1,747,862,292 | 69.50% | 92.35% | 7.65% | 0.00% |
| Election of Mr SJ Mojalefa | 1,669,208,667 | 66.38% | 99.99% | 0.01% | 3.13% |
| Election of Ms N Ford-Hoon | 1,747,899,280 | 69.51% | 100.00% | 0.00% | 0.00% |
| Election of Mr GJ Heron | 1,747,899,280 | 69.51% | 100.00% | 0.00% | 0.00% |
| Election of Ms SS Mafoyane | 1,747,899,280 | 69.51% | 90.83% | 9.17% | 0.00% |
| Re-appointment of PwC | 1,747,899,280 | 69.51% | 100.00% | 0.00% | 0.00% |
| Endorsement of Remuneration Policy | 1,666,296,943 | 66.26% | 88.30% | 11.70% | 3.25% |
| Endorsement of Implementation of Remuneration Policy | 1,670,950,303 | 66.45% | 88.33% | 11.67% | 3.06% |
| Control of Unissued Shares | 1,743,058,437 | 69.31% | 99.49% | 0.51% | 0.20% |
| Authority for Distribution Reinvestment | 1,747,899,280 | 69.51% | 100.00% | 0.00% | 0.00% |
| Authority to Issue Shares for Cash | 1,747,711,797 | 69.50% | 99.63% | 0.37% | 0.01% |
| Authorisation of Directors/Secretary | 1,747,899,280 | 69.51% | 100.00% | 0.00% | 0.00% |
| Financial Assistance to Related Parties | 1,747,899,280 | 69.51% | 99.85% | 0.15% | 0.00% |
| Financial Assistance for Securities | 1,747,899,280 | 69.51% | 98.03% | 1.97% | 0.00% |
| Approval of Directors’ Fees | 1,670,987,291 | 66.45% | 97.06% | 2.94% | 3.06% |
| Authority to Issue Shares to Directors | 1,747,003,173 | 69.47% | 100.00% | 0.00% | 0.04% |
| General Authority to Repurchase Shares | 1,747,899,280 | 69.51% | 99.55% | 0.45% | 0.00% |
Re-Election and Election of Directors
Several directors were re-elected, reinforcing stability in the company’s governance.
Ms. EM Hendricks was re-elected with 92.35% votes in favor.
Mr. GJ Heron received unanimous support, securing 100% of the votes.
Mr. MA Moloto also retained his position with 92.35% of votes in favor.
New Executive Director
Mr. SJ Mojalefa was elected as an executive director with an overwhelming 99.99% of the votes. This shows strong shareholder confidence in his leadership.
Audit and Risk Committee Appointments
Three members were elected to the Audit and Risk Committee.
Ms. N Ford-Hoon, Mr. GJ Heron, and Ms. SS Mafoyane received strong support, with Ms. Mafoyane receiving 90.83% in favor and 9.17% against.
Auditor Re-Appointment
Shareholders approved the re-appointment of PwC as the company’s independent external auditor, with 100% votes in favor.
Remuneration Policy Endorsement
The remuneration policy received 88.30% approval, with 11.70% against.
The implementation of the policy was endorsed by 88.33% of the votes, with 11.67% against.
Control of Unissued Shares
A resolution to place unissued shares under the control of directors was passed with 99.49% approval.
Authority for Distribution Reinvestment
The authority to issue shares for distribution reinvestment received unanimous support at 100%.
Issuing Shares for Cash
A general but restricted authority to issue shares for cash was approved by 99.63% of the votes.
Director Authorisation
A resolution authorising directors and the company secretary received unanimous support.
Financial Assistance Resolutions
Two special resolutions on financial assistance were passed.
The first, authorising assistance to related parties, was approved by 99.85%.
The second, for subscription and purchase of securities in related companies, was approved by 98.03%.
Non-Executive Directors’ Fees
Approval of non-executive directors’ fees was passed with 97.06% in favor.
Reinvestment of Distributions
A special resolution to issue shares to directors who elect to reinvest their distributions was unanimously approved.
Share Repurchase Authority
A general authority to repurchase shares was granted with 99.55% of votes in favor.
Conclusion
All resolutions presented at the AGM were passed by the requisite majority. This demonstrates strong shareholder support for SA Corporate Real Estate’s strategic direction and governance practices.