Unprecedented Shoprite board member vote gets JSE all-clear
The nomination comes amid growing concerns about the lack of experienced retailers on the board
The JSE has given Shoprite shareholders the go-ahead to vote on the appointment of a board member, a victory for minority investors seeking to inject retail experience and limit top shareholder Christo Wiese’s possible dominance in Africa’s largest grocer.
The unprecedented nomination by a minority investor of retail veteran Jan le Roux, who has been in the industry for more than two decades including a stint as CEO of Pepkor in the 1990s, was in doubt as it came four business days before Shoprite’s annual shareholder meeting on Monday.
Under the Companies Act and JSE’s listing rules, companies are required to give 15 business days’ notice for a resolution nominating a director. But the act allows for that period to be reduced in a company’s memorandum of incorporation (MOI), a document that sets out rights and duties of shareholders and directors...