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Telkom may have broken JSE rules - report

Oct 01 2012 08:16

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Last traded 68
Change 2
% Change 3
Cumulative volume 689152
Market cap 0

Last Updated: 08-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Telkom [JSE:TKG] 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.

The two, Jackie Huntley and Julia Hope, would be retiring after Telkom's annual general meeting (AGM) on October 24.

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 chairperson 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".

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