The group said, in line with good corporate governance, the next group chairperson should be independent.
Shoprite Holdings has announced that group chairperson Christo Wiese has indicated his intention to retire by the group’s next annual general meeting.
This follows his re-election earlier this month, when his superior voting rights outweighed the majority of ordinary shareholders who were opposed to the reappointment.
The group statement, released on 15 November, said the board is of the view that “in line with good corporate governance, the next group chairperson should be independent”.
Along with Wiese’s retirement, the group announced the appointment of the following members to the board, as of 15 November:
- Dr A Mokgokong as lead independent director and member of the remuneration committee
- J Rock as chairperson of the group remuneration committee
- A Le Roux as member of the social and ethics committee
- J Basson as member of the group nominations committee
- P Engelbrecht has been co-opted to the group nominations committee as the representative of management
According to the statement, a formal process to recompose the board has been initiated, identifying and supplementing the existing board with additional expertise and skills.