Old Mutual Group Limited and Sanlam Limited AGM round-up

Just Share has published a round-up of Old Mutual Group Limited’s and Sanlam Limited’s AGMs, which took place on Friday, 31 May 2024 and Tuesday, 4 June 2024 respectively.

Key takeaways:

  • Old Mutual and Sanlam both opted for electronic-only AGMs. Old Mutual held a hybrid AGM in 2023, while Sanlam’s 2023 AGM was also electronic-only. The electronic-only format compromises the ability of shareholders to engage meaningfully with the board and executives. Old Mutual’s rationale for the electronic-only AGM was the South African national election, which had taken place two days earlier; Sanlam cited improving operational sustainability by reducing travel-related emissions.
  • Both Old Mutual and Sanlam have disclosed that remuneration for their lowest-paid workers is set at R180,000 per annum. However, neither company specified the job titles of the employees to whom this salary applies.
  • Sanlam has no plans to disclose the company’s employment equity plan in its annual reports, and it failed to provide a coherent response regarding how the company plans to improve its poor female representation at the executive committee level.
  • Old Mutual acknowledges the importance of holding investee companies such as Sasol accountable for their climate commitments but did not clarify what escalation measures it will adopt to do so.
  • Sanlam neither discloses its financed emissions nor does it have a clear timeline for measuring and disclosing this information. CEO Paul Hanratty committed to Sanlam being in a position to disclose data on its financed emissions in the next year or two.

Download the full round-up

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