Five di­rec­tors to ten­der res­ig­na­tions

The Star Early Edition - - COMPANIES -

CONSTRUCTION and en­gi­neer­ing gi­ant Group Five said on Fri­day that five di­rec­tors will re­sign next month, in­clud­ing chair­woman Philisiwe Mthethwa, ahead of the ex­tra­or­di­nary gen­eral meet­ing called by one of its ma­jor share­hold­ers. This comes af­ter fund man­ager Allan Gray, whose clients hold 25 per­cent of the construction com­pany, said last month that it had lost faith in Group Five’s board. Allan Gray fur­ther called for an ex­tra­or­di­nary gen­eral meet­ing to re­con­sti­tute the board, say­ing the com­pany needed “a fresh start” fol­low­ing an ex­o­dus of nu­mer­ous ex­ec­u­tives and di­rec­tors. The meet­ing will be held at Group Five’s of­fices in Jo­han­nes­burg on July 24. Group Five has seven mem­bers on its board. Group Five said that as a re­sult of the pro­posed re­con­sti­tu­tion of the board, Mthethwa and in­de­pen­dent non-ex­ec­u­tive di­rec­tors Kalaa Mpinga, Justin Chinyanta, Willem Louw and Vin­cent Rague, will re­sign on that day. Mthethwa is the chief ex­ec­u­tive of the Na­tional Em­pow­er­ment Fund and wife of Arts and Cul­ture Min­is­ter Nathi Mthethwa. She is also the sis­ter of Deputy Fi­nance Min­is­ter Sfiso Buthelezi. Group Five said the record date for de­ter­min­ing which share­hold­ers were en­ti­tled to par­tic­i­pate in and vote at the ex­tra­or­di­nary gen­eral meet­ing was July 14. – ANA

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