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News & Press: IoDSA in the Press

AngloGold yields to re-election call

22 February 2013  
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Executive directors must retire by rotation LESS than a week after the Institute of Directors (IoD) and the JSE issued a statement recommending that JSE-listed companies did not require their executive directors to retire and be put forward for reelection on a rotational basis, AngloGold Ashanti has been forced to change its memorandum of incorporation (Mol) to ensure that executive directors are required to retire by rotation and run for re-election. Last week institutional shareholders accused the loD and JSE of being out of step with international best practice and pointed out that the largest listed companies in the UK were required to put all their directors up for reelection every year. In a Stock Exchange News Service announcement issued on Wednesday, AngloGold Ashanti said that, after receiving comments from its shareholders, it had decided to amend its new Mol to make provision for the retirement by rotation of all directors, not only non-executive directors as the original draft of the Mol had proposed.

 


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