Engagement with shareholders - AGM remuneration

RNS Number : 9254G

Old Mutual Limited

26 July 2019

 

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

MSE Share Code: OMU

NSX Share Code: OMM

ZSE Share Code: OMU

("Old Mutual" or "the Company")

Ref 31/19

26 July 2019

ENGAGEMENT WITH SHAREHOLDERS REGARDING OLD MUTUAL'S REMUNERATION POLICY AND REMUNERATION IMPLEMENTATION REPORT

Shareholders of Old Mutual are referred to the results of annual general meeting announcement released on the Stock Exchange News Service on 24 May 2019 ("Announcement"). The non-binding advisory resolutions on the endorsement of the remuneration policy and remuneration implementation report, disclosed in the Announcement, did not achieve the requisite 75% majority of votes. In terms of the recommendations of the King IV Report on Corporate Governance for South Africa, 2016 and paragraph 3.84(k) of the JSE Limited Listings Requirements, an engagement with the dissenting shareholders is required.

Old Mutual believes that remuneration must align with shareholder value creation and believes that the group's key performance measures, including but not limited to Results from Operations, Net Client Cash Flows and Return on Net Asset Value, ensures that the link between pay and performance is direct.  Consequently, Old Mutual invites dissenting shareholders to raise concerns or recommendations regarding the non-binding advisory resolutions directly with the chairman of the remuneration committee, Ms. Nombulelo Moholi, by making their written submissions to the Group Company Secretary, Elsabe Kirsten, using the following email address - [e-mail], by no later than 17:00 on Thursday, 8 August 2019 ("closing date").

For any other enquiries relating to the abovementioned resolutions, you may contact the Group Company Secretary via our Registrars on [phone] (if calling from South Africa) or [phone] (if calling from overseas). Subsequent to the closing date of the aforementioned submissions, the Company will provide feedback to the dissenting shareholders in a manner acceptable to the shareholders concerned.

Sponsors

Johannesburg Stock Exchange	Merrill Lynch South Africa (Pty) Limited
Namibia	PSG Wealth Management (Namibia) (Proprietary) Limited
Zimbabwe	Imara Capital Zimbabwe plc
Malawi	Stockbrokers Malawi Limited

Enquiries

Investor Relations
Sizwe Ndlovu Head of Investor Relations	T: [phone] E: [e-mail]
Communications
Tabby Tsengiwe Head of Communications	T: [phone] M: [phone] E: [e-mail]

Notes to Editors

About Old Mutual Limited

Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 14 countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has niche business in Asia. With over 170 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent.

For further information on Old Mutual, and its underlying businesses, please visit the corporate website at www.oldmutual.com.

 

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