I don't hold shares in the co, and don't know what the EGM is for ... but, during times of difficult business, the leadership should do EVERYTHING in their power to CUT costs to bring them in line with the economic climate. If prices are down, and lending terms are tight, we do NOT want a board who are blowing money on their lavish life-styles and the whims of their spouses and lovers! If the EGM is for the purpose of getting rid of certain non-performing Directors who are NOT doing their fiduciary duties, then its simple - Vote in favour of the action to get them out.
Correct,when Tom Boardman took over Nedcor - he refused to fly first class for him and any of his directors until the share corrected itself - maybe these WEZ directors could take a leaf out of his book!!!
Here's a couple of facts that shareholders should be aware of: During Aug 09 Deloitte & Touche and Deneys Reitz Inc did and independent review of corporate governance and remuneration practices at WEZ. This report will be presented at the EGM. In addition, the report has already been furnished to the company attorneys for advice on appropriate action. Methinks that when the present board feels this confident in presenting the report and when two very prominent independent auditing firms put their names to it... well then there must be a snake in the grass where the ousted directors are concerned. It looks like Messrs Solomon and Rainey are going to have to come up with some very good explanations if their reputations are going to survive this.
Hi Simon, Just to confirm that in future I can contact your call centre and see if they are sending a representative. This will be useful. I tried twice to see if STANLIB (who own about 6% of Wesizwe) were sending a rep to whom I could cede my proxy and received the following answer after two days when the proxy deadline had expired: "STANLIB does not/will not vote on behalf of a client on such matters when the shares in the company (Wesizwe) are not held through one of our unit trust funds. I would suggest that the client submit their vote directly to the company (Wesizwe) if they hold shares directly in this company. STANLIB will however continue to vote responsibly and in the best interests of clients invested in our unit trust funds on such matters as we have always done." My original query followed the lines of the other respondents It appears as though Stanlib have about 6% of the shares in Wesizwe and are likely to attend the special meeting on 17th December to discuss whether to replace Abedien, Tengawarima et al with Rainey, Solomon et al. The issue seems complex and neither side seems blameless. Unfortunately I won't be able to attend the meeting in Jhbg which might explain more and was wondering whether Stanlib be attending the meeting to protect their interests? Would this person contact me if they are able to use a few more proxy votes?
at which 8o,86% of the votable shares were represented, the requisite majority of shareholders approved all of the ordinary resolutions proposed in the Notice of General Meeting of Members dated 25 November 2009. Accordingly, the following directors have been elected as directors of the Company; Messrs. RG Rainey, MH Solomon, WM Eksteen, Dr PG Gaylard, Ms DNM Mokhobo and Adv KD Moroka. The following directors have been removed as directors from the board; Dr I Abedian, Messrs N Tengawarima and DJ Phologane