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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