Telkom may have broken JSE listing rules when it did not notify its shareholders that two of its directors would retire from the board this month, according to Monday’s Business Report.
Shareholders only became aware of this when they received their AGM notices last week, the newspaper reported. Analysts said the delay in notification did not meet Johannesburg Stock Exchange requirements.
According to the AGM notices Huntley and Hope had not made themselves available for re-election.
This meant that three of the five government-appointed directors on the Telkom board would be retiring in October. Board chairman Lazarus Zim announced his retirement last month.
Section 3.59 of the JSE listings requirements states that a company must notify the JSE of the retirement of the director “without delay and not later than by the end of the business day following the decision”.