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Old Mutual Ltd - Engagement with shareholders - AGM remuneration

RNS Number : 9254G
Old Mutual Limited
26 July 2019
 

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

MSE Share Code: OMU

NSX Share Code: OMM

ZSE Share Code: OMU

("Old Mutual" or "the Company")

 

 

Ref 31/19

26 July 2019

 

 

ENGAGEMENT WITH SHAREHOLDERS REGARDING OLD MUTUAL'S REMUNERATION POLICY AND REMUNERATION IMPLEMENTATION REPORT

 

Shareholders of Old Mutual are referred to the results of annual general meeting announcement released on the Stock Exchange News Service on 24 May 2019 ("Announcement"). The non-binding advisory resolutions on the endorsement of the remuneration policy and remuneration implementation report, disclosed in the Announcement, did not achieve the requisite 75% majority of votes. In terms of the recommendations of the King IV Report on Corporate Governance for South Africa, 2016 and paragraph 3.84(k) of the JSE Limited Listings Requirements, an engagement with the dissenting shareholders is required.

 

Old Mutual believes that remuneration must align with shareholder value creation and believes that the group's key performance measures, including but not limited to Results from Operations, Net Client Cash Flows and Return on Net Asset Value, ensures that the link between pay and performance is direct.  Consequently, Old Mutual invites dissenting shareholders to raise concerns or recommendations regarding the non-binding advisory resolutions directly with the chairman of the remuneration committee, Ms. Nombulelo Moholi, by making their written submissions to the Group Company Secretary, Elsabe Kirsten, using the following email address - [email protected], by no later than 17:00 on Thursday, 8 August 2019 ("closing date").

 

For any other enquiries relating to the abovementioned resolutions, you may contact the Group Company Secretary via our Registrars on +27 (0)86 140 0010 (if calling from South Africa) or +27 (0)11 029 0251 (if calling from overseas). Subsequent to the closing date of the aforementioned submissions, the Company will provide feedback to the dissenting shareholders in a manner acceptable to the shareholders concerned.

 

Sponsors

Johannesburg Stock Exchange

Merrill Lynch South Africa (Pty) Limited

Namibia

PSG Wealth Management (Namibia) (Proprietary) Limited

Zimbabwe

Imara Capital Zimbabwe plc

Malawi

Stockbrokers Malawi Limited

 

Enquiries

Investor Relations


Sizwe Ndlovu

Head of Investor Relations

T: +27 (0)11 217 1163

E: [email protected]



Communications


Tabby Tsengiwe

Head of Communications

T: +27 (11) 217 1953

M: +27 (0)60 547 4947

E: [email protected]

 

Notes to Editors

 

About Old Mutual Limited

 

Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 14 countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has niche business in Asia. With over 170 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent.

 

For further information on Old Mutual, and its underlying businesses, please visit the corporate website at www.oldmutual.com.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Old Mutual Limited

Price: 56.06

Market: LSE
Market Cap: £2.64 billion
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