Santam Limited held its 2024 Annual General Meeting (AGM) on May 28, 2024. The AGM was conducted entirely via electronic communication, reflecting the growing trend towards digital transformation in corporate governance. The results of the AGM are crucial for understanding the company’s strategic direction and shareholder sentiment.
Overview of Santam Limited
Santam Limited is a leading insurer in South Africa, known for its comprehensive range of insurance products and services. The company is listed on the Johannesburg Stock Exchange (JSE) under the share code SNT. It also has listings on A2X and NSX, showcasing its regional influence.
AGM Voting Results
The AGM voting results are a reflection of shareholder confidence and the company’s governance practices. Below is a detailed analysis of the resolutions and voting outcomes.
Ordinary Resolutions
Appointment of KPMG as Auditor
The first resolution was to appoint KPMG as the independent external auditor for the 2024 financial year. The resolution passed with 99.90% votes in favor, indicating strong shareholder confidence in KPMG’s audit capabilities.
| Resolution | Votes For | Votes Against | Votes Abstained | Total Votes | Approval Rate |
|---|---|---|---|---|---|
| Appointment of KPMG as Auditor | 98,184,151 | 97,206 | 5,630 | 98,281,357 | 99.90% |
Appointment of Additional Directors
The resolutions to appoint L Swartz and W Olivier as directors were also approved with substantial majorities. These appointments are crucial for strengthening the board’s expertise and oversight.
| Director | Votes For | Votes Against | Votes Abstained | Total Votes | Approval Rate |
|---|---|---|---|---|---|
| L Swartz | 98,115,911 | 165,446 | 5,630 | 98,281,357 | 99.83% |
| W Olivier | 98,105,957 | 175,400 | 5,630 | 98,281,357 | 99.82% |
Re-election of Non-Executive Directors
The re-election of non-executive directors, including D Loxton and M Chauke, ensures continuity in the board’s leadership. These directors play a vital role in providing independent oversight.
| Director | Votes For | Votes Against | Votes Abstained | Total Votes | Approval Rate |
|---|---|---|---|---|---|
| D Loxton | 98,166,545 | 114,812 | 5,630 | 98,281,357 | 99.88% |
| M Chauke | 98,165,067 | 116,290 | 5,630 | 98,281,357 | 99.88% |
| P Hanratty | 97,157,424 | 1,123,933 | 5,630 | 98,281,357 | 98.86% |
| A Mukhuba | 98,100,930 | 180,427 | 5,630 | 98,281,357 | 99.82% |
Election to Audit Committee
The election of independent non-executive directors to the Audit Committee is essential for maintaining financial integrity. All nominated members received overwhelming support.
| Member | Votes For | Votes Against | Votes Abstained | Total Votes | Approval Rate |
|---|---|---|---|---|---|
| P Speckmann | 98,126,582 | 154,775 | 5,630 | 98,281,357 | 99.84% |
| M Fandeso | 97,457,125 | 824,232 | 5,630 | 98,281,357 | 99.16% |
| D Loxton | 98,166,545 | 114,812 | 5,630 | 98,281,357 | 99.88% |
| M Chauke | 98,131,619 | 149,738 | 5,630 | 98,281,357 | 99.85% |
Remuneration Policy and Implementation Report
The non-binding advisory votes on the company’s remuneration policy and implementation report were also passed. This indicates general satisfaction with the company’s compensation practices.
| Resolution | Votes For | Votes Against | Votes Abstained | Total Votes | Approval Rate |
|---|---|---|---|---|---|
| Remuneration Policy | 94,873,799 | 3,406,959 | 6,229 | 98,280,758 | 96.53% |
| Remuneration Implementation Report | 96,268,909 | 2,011,849 | 6,229 | 98,280,758 | 97.95% |
Special Resolutions
Remuneration of Non-Executive Directors
The resolution to approve the remuneration of non-executive directors for their services from July 2024 to June 2025 was approved. This reflects the company’s commitment to fair compensation.
| Resolution | Votes For | Votes Against | Votes Abstained | Total Votes | Approval Rate |
|---|---|---|---|---|---|
| Remuneration of Non-Executive Directors | 96,531,419 | 1,749,339 | 6,229 | 98,280,758 | 98.22% |
Authority to Acquire Company’s Shares
The resolution granting authority to acquire the company’s shares received strong support. This allows the company to manage its capital structure effectively.
| Resolution | Votes For | Votes Against | Votes Abstained | Total Votes | Approval Rate |
|---|---|---|---|---|---|
| Authority to Acquire Company’s Shares | 97,193,975 | 1,086,149 | 6,863 | 98,280,124 | 98.89% |
Financial Assistance
The resolutions to provide financial assistance under Sections 44 and 45 of the Companies Act were approved. These resolutions are critical for the company’s operational flexibility.
| Resolution | Votes For | Votes Against | Votes Abstained | Total Votes | Approval Rate |
|---|---|---|---|---|---|
| Financial Assistance (Section 44) | 97,351,919 | 928,839 | 6,229 | 98,280,758 | 99.05% |
| Financial Assistance (Section 45) | 97,545,155 | 736,202 | 5,630 | 98,281,357 | 99.25% |
Conclusion
The 2024 AGM of Santam Limited demonstrated strong shareholder support for the company’s strategic decisions and governance practices. All resolutions were passed with significant majorities, reflecting confidence in the company’s direction. The approval of key resolutions, such as the appointment of auditors, re-election of directors, and remuneration policies, indicates robust governance and shareholder alignment. These outcomes are expected to positively impact Santam’s operational stability and strategic execution in the coming year.