ICT news

South AfricaYour industry

Focus on digital marketing

Bizcommunity's special Focus On DIGITAL MARKETING is now available in a downloadable PDF.

Digital Marketing PDF >>
Bizcommunity has over 400 industry contributors and we always welcome further contributions and contributors.
ICT news

Telkom shareholders vote against board members

1 Nov 2012 10:33
There was drama at Telkom's annual general meeting when shareholders‚ presumably led by the majority shareholder‚ the government‚ voted against the re-election and election of independent directors.
The government together with the Public Investment Corporation owns about 50% of Telkom.

This is the first time that all shareholders were given an opportunity to decide the fate of board members after the expiry of the "golden share" rights‚ which gave the government a number of special and powerful rights such as the appointment of five board members including the chairman.

During the proceedings‚ outgoing chairman Lazarus Zim had to adjourn the meeting for a few minutes as there was confusion as to whether Communications Minster Dina Pule‚ on behalf of the government‚ should be allowed to vote despite a proxy that was sent by a staff member from the department of communications voting in favour of all the resolutions.

Initially‚ Computershare had said that Pule could not vote as there was already a proxy.

But after consultation with legal expert Michael Katz‚ and according to relevant law governing such issues‚ the proxy was then suspended as Pule was at the meeting representing the major shareholder.

The move by government has left Telkom without four board members including a chairman.

Telkom's chief executive Nombulelo Moholi said the existing members of the board would meet next month to "reconstitute".


I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.