At the Sanlam AGM held on 6 June 2018 Theo Botha questioned the board on a number of important matters, notably:
- Sanlam was the only large institutional investor that did not disclose its voting record in line with the recommendations of the Code for Responsible Investing in SA;
- The annual report only contained an overall description and did not give details on how it voted at individual companies. “You don’t make your full voting record public,” said Botha.
- Sanlam CEO Ian Kirk should not, in terms of the King IV code, chair the Santam remuneration committee, as Sanlam, which holds 59% of Santam, as Kirk could not be described as independent.
Botha was told the decision to retain Kirk as chairman of the remuneration committee had been taken by the Santam board, which regarded Kirk as “independent enough”.
Nowhere does King IV use such a term: a director is either independent or not.
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