SFM Agreement - Simon

[Mine]

Under "General Powers" it claims that SFM can attend meetings and vote on behalf of the investor. Isn't that a bit dangerous to accept or am I understanding it wrong?

[Preston]

Hi there. I do not believe that there is any risk attached. Because every proxy needs to signed by yourself or some indication on the way you are going to vote. From my understanding from Friends who are in the "Internal Audit Profession " i.e Risk managers/ EXCO members is each and every proxy is traced to supporting documentation and is basically subject to strict Internal Audit control. So in essence Standard Bank cannot do as it likes I hope this help?

[Mine]

My concern was that it doesn't appear as if they need your permission?

[SimonPB]

This clause in our mandate is so that we can vote on your behalf if you so wish in terms of your verbal/written instruction when/if shares you own entitle you to voting on an issue, failing the appointment we would have no legal standing at the meetings on your behalf as agent to effect your wishes if any.