JSE-listed tech group Altron has reconfigured its board, announcing a range of changes to its key committee.
The company today notified shareholders of the changes, saying after re-evaluating the mandates and workload of the Altron remuneration, social, ethics and sustainability committee (RemSec) it has decided to reconfigure it.
“The board resolved to separate the combined RemSec and have a standalone remuneration committee, and social, ethics and sustainability committee with effect from 13 February,” it says.
“The Altron remuneration committee will focus on developing policy and structure for remuneration of directors and senior management, and the Altron social, ethics and sustainability committee will focus on organisational ethics, responsible corporate citizenship, environmental sustainability, transformation and stakeholder relationships.”
Committees are important to boards, as they are a practical way to structure and manage the board's work.
In the announcement, Altron says the members of the remuneration committee will consists of Dr Phumla Mnganga (chairperson), Sharoda Rapeti (member), Antony Ball (member), Tapiwa Ngara (alternate to Antony Ball) and Robert Venter (member).
The members of the social, ethics and sustainability committee will be Sharoda Rapeti (chairperson), Alupheli Sithebe (member), Robert Venter (member) and Werner Kapp (member).
“The standalone committees will be entitled to the current RemSec fees as approved at the annual general meeting held on 27 July 2022. The standalone remuneration committee and social, ethic and sustainability committee future fees will be tabled at the 2023 annual general meeting,” says the company.
Altron has in recent months been streamlining its operations as it pursues its 2.0 strategy, which seeks to triple operating income, among other metrics, by disposing of capital-heavy and loss-making businesses and acquiring assets in high-growth segments of the market.
As part of the strategy, it has disposed of its Botswana and Mozambique assets to Zimbabwe’s Tano Digital Solutions.
Last month, the Competition Commission approved Altron’s sale of its ATM Hardware and Support Business to US technology company NCR Corporation.
The transaction was first announced in October, when the JSE-listed Altron signed a sale of business agreement with NCR, which was capped at around R183 million.
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