MTN denies its board was pressured by the PIC

MTN has addressed a recent report that the PIC is pushing for changes to its board, labeling it inaccurate.

“MTN Group has noted recent media stories, based on a Bloomberg report, which carry unsubstantiated rumours and inaccuracies that the PIC is pushing for changes to the Board of MTN,” MTN said.

“MTN regularly engages with its shareholders where we have robust, constructive, open and transparent discussions about the business.”

The company said that contrary to what the report alleges, the PIC requested that the board consider extending Phuthuma Nhleko’s term longer than he had originally intended to remain Chairman.

“MTN Group applied its mind on the request, and considering other issues around the board evolution, asked Phuthuma Nhleko to stay until the 15 December 2019 to ensure an orderly hand-over to the Chairman designate, Mcebisi Jonas.”

The company added that the establishment of an Independent Advisory Board (IAB) was discussed at the 2019 AGM and supported by the PIC.

“The IAB was conceptualised by the MTN Board before the PIC increased its shareholding in MTN,” MTN said. “MTN Group remains appreciative of the support it has always had from the PIC as a major and long-standing shareholder of the business.”

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MTN denies its board was pressured by the PIC