PPC Cement to reconstitute board

04 December 2014

PPC has decided to embark on a process of reconstituting the board at its upcoming AGM in January 2015.

This is after Foord Asset Management, Visio Capital Management and Nedbank Private Wealth requisitioned a meeting of shareholders on 8 December to discuss the state of the current board.

“Shareholders are hereby notified that following discussions initiated by Bheki Sibiya with a number of shareholders, the board of directors of PPC has decided to embark on a process that is much more likely to achieve the best outcome for the company and all of its shareholders,” PPC -0.11% said.

“In taking into account the views of the shareholders, the board has also considered key corporate governance principles. In light of the above, the requisitionists have delivered to the company a withdrawal notice in respect of the requisitioned meeting.”

The cement maker further stated that it will embark on the process of reconstituting the board based on several principles, including ensuring expertise and experience, continuity, transformation and diversity and renewal, and ensuring a dynamic, energetic, functional and cohesive board.

“The nomination process will be managed by the current nominations committee of the board. A senior advocate from the Johannesburg Bar will act as an independent observer to ensure transparency during the evaluation of nominations to the board,” said PPC.

“The reconstituted board will consist of 12 non-executive directors and shall not include any current or former permanent executive directors of PPC who have served as such within the 10 year period immediately preceding the date of the AGM.”

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