RCL Foods: Non-executive directors’ fees

RCL Foods put forward special resolution no. 2 for shareholders to consider at the forthcoming AGM scheduled for 20 November 2018, relating to non-executive directors’ remuneration.

This is a standard resolution in terms of Section 66(9) of the Companies Act, but what is noteworthy is that approval is sought to effectively back-date the authority for the payment of directors’ fees to 1 October this year.

We posed this question in an email to the company secretary of RCL Foods: Have any of these non-executive directors been paid any fees since 1 October?

It so, such action would have been in contravention of the provisions of the Act in our opinion.