Standard Bank calms concerns of shareholders

JOHANNESBURG – Standard Bank has moved to calm shareholder jitters over the conflict of interest posed by certain of its directors and its climate change policy.

During the company’s 2020 annual general meeting (AGM) held virtually on Friday, the re-election of directors Trix Kennealy, Nomgando Matyumza, Priscillah Mabelane, Nonkululeko Nyembezi, John Vice and Jacko Maree came under fire.

Shareholders were concerned about how Matyumza, Mabelane and Kennealy, who serve on Sasol’s senior management team, would manage their conflict of interest given Sasol’s fossil fuel footprint.

They were also worried about how Maree would manage the conflict of interest as executive director of the Phembani Group, which has oil, gas and mining interests, as well as the appointment of Nyembezi, who they said was a member of the boards of several JSE-listed companies.

Shareholder Justice Satchwell asked how Priscillah Mabelane intended as a Standard Bank director and member of the risk and capital management committee, which was responsible for risk oversight, would manage her conflict of interest with her role at Sasol.