Uncategorized 16.4.2014 06:30 am

Botha uphappy about Matlare’s many hats

Image courtesy stock.xchnge (KillR-B)

Image courtesy stock.xchnge (KillR-B)

Tiger Brands has blatantly disregarded a commitment to shareholders at its 2012 AGM when it promised CEO Peter Matlare would not sit on any of the board sub-committees of Barclay’s Africa Group (BAG).

But BAG’s 2013 Integrated Report shows Matlare is on two sub-committees: the social and ethics committee and the information technology committee.

“Surely Tiger Brands should have notified shareholders of the change?” shareholder activist, Theo Botha said.

At the time, Botha was concerned that Matlare’s poor attendance of Kumba Iron Ore board meetings did not bode well for his newly accepted position as a board member of BAG.

Matlare resigned from the Kumba board shortly after accepting the position with BAG.

Minutes from the 2012 Tiger Brands AGM explicitly say Matlare would not participate on BAG board sub-committees.

BAG’s latest Integrated Report reflects that Matlare, who now sits on two board sub-committees, attended seven of the 14 BAG board and committee meetings he was due to attend in 2013.

“Quite clearly, Matlare cannot manage his diary or is too busy, in which case he should focus on Tiger Brands and Oceana,” Botha continued.

Corporate affairs group executive at Tiger Brands Alex Motshwanetsi Mathole said Matlare was requested to serve on BAG’s social and ethics committee about a year or so into his board tenure.

“(This was done) on the understanding that where there are diary conflicts with Tiger Brands meetings and he is not in a position to attend the meetings, he considers the agenda and submits comments to the chair of the sub-committee, especially when key decisions have to be made,” she added.

Matlare will earn R415 000 for sitting on BAG’s board from May 1 2013 to April 30 2014 – a 13% increase from the previous year.

Over and above that, he will earn R165 000 for sitting on the two sub-committees over the same period.

Barclays Africa Group chairperson, Wendy Lucas-Bull, commented, “There is no doubt that Peter is a valuable asset to all stakeholders and that as a board, we all benefit from having him round the table”.

 

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