DOCSLIB.ORG

DISSERTATION O Attribution

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
DISSERTATION O Attribution COPYRIGHT AND CITATION CONSIDERATIONS FOR THIS THESIS/ DISSERTATION o Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. o NonCommercial — You may not use the material for commercial purposes. o ShareAlike — If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original. How to cite this thesis Surname, Initial(s). (2012) Title of the thesis or dissertation. PhD. (Chemistry)/ M.Sc. (Physics)/ M.A. (Philosophy)/M.Com. (Finance) etc. [Unpublished]: University of Johannesburg. Retrieved from: https://ujdigispace.uj.ac.za (Accessed: Date). The FirstRand Founders’ Story: Exploring Synergistic Relationships by CHRISTEL FOURIE A thesis submitted in fulfillment for the Degree of Doctor in Philosophiae in Industrial Psychology Department of Industrial Psychology and People Management Faculty of Management UNIVERSITY OF JOHANNESBURG Promoter: Prof J. S. Uys 2016 DECLARATION I certify that the thesis submitted by me for the degree Doctor in Philosophiae (Industrial Psychology) at the University of Johannesburg is my independent work and has not been submitted by me for a degree at another university. i DEDICATION I dedicate this study to my promoter Prof J. S. Uys (1945-2015) Thank you, Professor Koos Uys, for being a central figure in my life over several years. To call you only my promoter does not do you justice. It is because of your inspiration, commitment and kindness that I have been able to have this thesis see the light. I am truly grateful for everything that you ploughed into this journey. Working with you has been a privilege and one that I will treasure for a lifetime. There can only be one Koos Uys. Your work will stand. Your legacy lives in the people that you helped to shape. You are loved and missed. Rest in peace. ii ACKNOWLEDGEMENTS I give thanks for God’s grace and comfort in times of difficulty and joy and am humbled by the talents I have been blessed with, through which I can do good with in this life. To my promoter, Professor Koos Uys, the words of this story lived in our heads and hearts for a long time. I am deeply grateful for your guidance, compassion and devotion as we walked this journey together. Thank you for not faltering in your belief in me. It is a tremendous gift. To my husband, Gerhard, it is hard to put my gratitude into words. This journey was not mine alone. I thank you for unconditional support at every turn with words from Elizabeth Barrett Browning’s Sonnet 43: “How do I love thee? Let me count the ways.” To six-year old Nina, who came into our lives when we were losing hope of a child, you have altered life for the better. You test me and you teach me. A ginormous thank you for helping Mamma1 to finish her book. I am so grateful to my parents, Johan and Magdaleen Lötter, who have only ever encouraged and supported me. You always provide a loving home and from you I learnt the value of hard work. To my sister Marlise Sharrock, family and dear friends, I am thankful for your understanding and the joy you bring to my life. To Carolin Burghardt and Charmaine Young, two strangers who became friends in a foreign land, I thank you for tirelessly cheering me on. I would like to acknowledge FirstRand for presenting a research case like no other. I am indebted to Dr Francois Hugo for his vital support, ear and for being a genteel person. Every encounter is a master class. A sincere thank you to the founders, Laurie Dippenaar, GT Ferreira and Paul Harris, who generously shared their views, intellect, humour and light years of experience with me. My deep appreciation extends to the FirstRand participants for contributing rich perspectives with enthusiasm. Every interaction was truly exceptional. Thank you to Melanie Kleinhans (Investor Relations) 3 for providing assistance with corporate information. Whilst the participants’ narratives form the backbone of this thesis, the interpretation and presentation thereof is the author’s own and does not necessarily reflect the views of FirstRand. Thank you to Gail Pearman, Tia Pienaar and Heather Graz who assisted at different points with editorial improvements. Heartfelt thanks for your support that stretched far beyond bringing a “can do” attitude and fresh pairs of eyes to the text. I would like to acknowledge and express my gratitude to the staff and those associated with the Department of Industrial Psychology and People Management and the Faculty of Management. Thank you in particular to Lorinda Landman, Yvonne Geleta, Fozia Kasoojee, Prof Freddie Crous and Prof Willem Schurink for assisting me in special ways. 4 ABSTRACT The study explores and describes the FirstRand founders’ efforts and influence in how a business success story unfolded. The research is driven by a desire to understand what made this story. FirstRand is one of South Africa’s largest and foremost financial services groups. The group is made up of world-class companies such as Rand Merchant Bank, First National Bank and WesBank. Hallmarks of all its companies, present and past, include a track record of innovation, strong values and an owner- manager philosophy. The group’s entrepreneurial history can be traced back to 1977 and the founding partnership of GT Ferreira, Laurie Dippenaar and Paul Harris. Over several decades the founders, together with a stable management team, built the group through a series of strategic acquisitions and mergers. The research question was formulated as: What did the three founders contribute individually and collectively to FirstRand’s success? Accordingly, a qualitative mode of enquiry was adopted and a case study design applied. The data were collected through semi-structured interviews with the founders and key role players such as chief executives, supplemented with other data sources. Data were analysed using narrative analysis. The goal was to describe the research setting comprehensively so as to enable readers to see the case study as the writing of history. The researcher’s insights clustered into four main interpretation themes: firstly, the founders’ partnership and complementarity as a success factor, secondly, how leadership worked in the founders’ eyes, thirdly, the founder-leaders as architects of culture formation and fourthly, how the founders created the conditions for emergence. What these insights mean was explored in the section on sensemaking by drawing links to theory that offer plausible perspectives on the FirstRand story. The study’s findings are relevant in revealing theories-in-use from three of the most highly regarded business leaders. There is no similar example to be found. The study’s key contribution is of a theoretical nature. The researcher’s overall impressions point to the founders having contributed a significant leadership and culture perspective that was lived and time-tested over more than three decades. Herein lie the true value-add and uniquely original contribution from this study. In addition several practical and life lessons came to the fore with possible application to readers’ own situations. The 5 study’s contribution to expanding the current body of knowledge about applied leadership and organisational culture as a driver of business results contain potential points of interests for a wide audience. 6 TABLE OF CONTENTS Page DECLARATION i DEDICATION ii ACKNOWLEDGEMENTS iii ABSTRACT v TABLE OF CONTENTS vii LIST OF FIGURES xvi GLOSSARY xvii PROLOGUE xix PART 1: PURPOSE AND PLANNING 1 Chapter 1: Introduction and Background 1 Introduction 1 Background 1 Why is this story worth telling? 3 Problem statement 5 Research question 6 What stirred my interest in the FirstRand story? 7 The story of the thesis 8 Committing to the study 9 The research context 10 Gaining access 10 FirstRand’s interest in the study 11 Affiliation 11 Anticipated contribution of the study 12 How the study is organised 14 Editorial notes 14 Conclusion 16 Chapter 2: Research Design 17 Introduction 17 Research approach 17 Philosophical assumptions 17 Ontology 18 vii Epistemology 18 Different ways of inquiring 20 The use of theory and literature review 20 Research method 21 Interpretive case study 21 Unit of analysis 23 Data collection 24 Interviews as main method 24 Additional sources 25 Sampling procedure 25 Who did I involve? 26 Special circumstances at the time of interviews 27 Recording of data 28 Narrative analysis 29 Thematic data analysis 30 Reporting the case study 31 My responsibility as researcher 31 Strategies to enhance the quality of research 32 Difficulties in the study 34 PART 2: THE DATA 36 Chapter 3: The Company 36 Introduction 36 Who is FirstRand and how did it come about? 36 Group history at a glance 37 Rand Consolidated Investments 37 Rand Merchant Bank 38 Momentum 38 Discovery 39 OUTsurance 40 The formation of FirstRand 41 First National Bank 41 WesBank 41 Black Economic Empowerment deal 42 The founders prepare to exit 42 Sizwe Nxasana takes over as CEO 43 Unbundling of Momentum 43 Ashburton Investments 43 CEO Sizwe Nxasana to step down 44 This organisation excites 44 Perspectives on the group and its founders 46 Conclusion 48 Chapter 4: The Founding Partnership 49 Introduction 49 How the partnership formed 50 Handpicking partners 52 The founders’ mindset 53 Conclusion and interpretation 56 Chapter 5: The Founders 58 Introduction 58 GT Ferreira 58 On meeting GT 59 In prime of life
Load more

Recommended publications
  • The Guptas, the Public Protector's Report and Capital Accumulation In
    The Guptas, the Public Protector’s Report and Capital Accumulation in South Africa Ashwin Desai Goolam Vahed Abstract The relationship between South African President Jacob Zuma and his family, and the Guptas, possibly the richest family of Indian origin at present in South Africa, has made persistent national and increasingly international headlines in the media over the past few years. The Gupta family, who arrived in South Africa from India just prior to the country’s first non-racial democratic elec- tions in 1994, are accused of colluding with Zuma in the removal and appoint- ment of government ministers, as well as the directors of State-Owned Enter- prises (SOEs) in order to secure lucrative state contracts. This article examines the allegedly corrupt relationship between the Zumas and the Guptas to probe key issues in post-apartheid South African society: corruption, state capture, inequality, class formation, Black Economic Empowerment, and White Mono- poly Capital. It argues that corruption has negative consequences such as creat- ing despondency amongst the populace leading to capital flight and creating the possibilities for state capture as well as further deepening inequality. Keywords: Apartheid, Gupta, Zuma, Black Economic Empowerment, White Monopoly Capital, Social Cohesion The lexicon of South African English has been constantly transformed by the inclusion of words from the Afrikaans language, and phrases from the Indian sub- continent, as well as by some words and phrases from local African languages. When this potpourri of ‘English’ is spoken at a rapid pace, even an English Alternation 24,1 (2017) 26 - 49 26 Electronic ISSN: 2519-5476; DOI: https://doi.org/10.29086/2519-5476/2017/v24n1a3 The Guptas, the Public Protector’s Report and Capital Accumulation speaking foreigner could easily get lost as sentences are trespassed with local inflections (Mesthrie 2010).
    [Show full text]
  • Remgro at a Glance
    OVERVIEW I II CONTENTS 2 14 Group profi le Remgro's values 4 16 Remgro's unlisted investments Directorate and ownership structure Originally established in the 1940s by 6 20 A strong family legacy Tomorrow matters the late Dr Anton Rupert, Remgro aims to be the trusted investment company 8 23 Investment strategy Doing business ethically of choice that consistently creates 10 24 sustainable stakeholder value. Remgro's approach to capital allocation Consolidated results at year-end 12 26 Remgro’s profi t at holding company level Investment portfolio analysis 1 GROUP PROFILE DIVERSIFIED CONSUMER FINANCIAL PORTFOLIO SOCIAL IMPACT HEALTHCARE INFRASTRUCTURE INDUSTRIAL INVESTMENT MEDIA Our interests PRODUCTS SERVICES INVESTMENTS INVESTMENTS VEHICLES consist mainly of investments (2) in the following industries 44.6% 77.1% 30.6% 54.7% 50.0% 36.3% 32.3% 4.0% 50.0% (3) (1) 31.8% 44.1% 23.3% 24.9% 28.1% 0.1% 100% (3) 100% 22.8% 100% 44.1% 100% Equity accounted investment Subsidiary Investment at fair value through other comprehensive income 30.0% 37.7% 100% Listed entity Number of Remgro nominated director/s; alternates excluded (3) infrastructure fund (1) Voting rights in Distell equal 56.4%. (2) Voting rights in Blue Bulls equal 36.7%. 33% 16.2% (3) Limited Partners in Pembani Remgro, Milestone Capital and Prescient – therefore limited (or no) voting rights. 2 3 REMGRO’S INDUSTRIAL INFRASTRUCTURE Why does UNLISTED PGSI holds an interest in PG Group Remgro invest Holdings, South Africa’s leading infrastructure fund INVESTMENTS integrated fl at glass business. in certain CIVH’s key operating PRIF is a fund Air Products produces oxygen, companies are Dark focused on private nitrogen, argon, hydrogen and carbon sectors? CONSUMER PRODUCTS Fibre Africa and Vumatel, sector investment in dioxide for sale to major industrial which construct and own infrastructure across users.
    [Show full text]
  • Restructuring of the Rembrandt Group Circular to Shareholders and Notices of Annual General Meetings 30 August 2000
    Rembrandt Group Limited Rembrandt Controlling Investments Limited Technical Investment Corporation Limited Technical and Industrial Investments Limited Restructuring of the Rembrandt Group Circular to shareholders and notices of annual general meetings 30 August 2000 Attorneys Joint sponsoring brokers Deutsche Bank Securities Deutsche Bank Securities (SA) (Pty) Ltd Hofmeyr Herbstein & Gihwala Inc. (Registration number 1995/011798/07) Reporting accountants PricewaterhouseCoopers Inc. Chartered Accountants (SA) Registered Accountants and Auditors (Registration no 1998/012055/21) Indien u ’n Afrikaanse vertaling van hierdie dokument wil hê, skakel asseblief 0800 996 164 If you have any questions regarding the restructuring of the Rembrandt Group, call the Information Agents on 0800 996 164 (or + 44 20 7335 7278 if you are phoning from outside South Africa) are acting as Information Agents to answer your questions about the restructuring. Corporate information Directors of Rembrandt Group Limited (Registration number 1948/031037/06) Johann Rupert (Chairman) P J Erasmus* E de la H Hertzog (Co-Deputy Chairman) D M Falck M H Visser (Co-Deputy Chairman and Managing Director) J Malherbe P E Beyers E Molobi* W E Bührmann J A Preller G D de Jager* P G Steyn* J W Dreyer T van Wyk * non-executive Directors of Rembrandt Controlling Investments Limited (Registration number 1952/000002/06) Johann Rupert (Chairman) D M Falck E de la H Hertzog (Co-Deputy Chairman) J Malherbe M H Visser (Co-Deputy Chairman and Managing Director) E Molobi* P E Beyers J A
    [Show full text]
  • AGM QUESTIONS and ANSWERS 2020 Disclaimer
    AGM QUESTIONS AND ANSWERS 2020 Disclaimer Please note that the answers recorded herein are not a transcript of the AGM. The responses recorded convey the key messages that were communicated. QUESTIONS RECEIVED AT THE WEBCAST AGM AND ANSWERS – 30 NOVEMBER 2020 Questions regarding driving value creation through share ownership and “employee capitalism”: Q:At the 2019 AGM the Chairman spoke powerfully on share ownership inter alia “if the directors all owned a lot of shares they would watch the management and make sure that they get performance”. Numerous great companies practice what the Chairman preaches e.g. Amazon directors receive no cash compensation only stock based awards, Ball Corp, John Deere and Diageo expect their directors to own hefty multiples of their annual remuneration in shares and locally FirstRand as per page 108 of the FirstRand Integrated Report has “minimum shareholding requirements to ensure longer term alignment’. In the light of the above can the Chairman please advise why Remgro does not make minimum shareholding requirements another strategic priority at investee companies? – Chris Logan Mr Rupert noted that it was a very good question that Mr Durand should investigate further, as he is fully aligned with A: Mr Logan. Mr Durand also agreed with the principle and noted that Remgro would investigate this further as it is a pertinent point. The Chairman also endorsed aligned incentives/EVA and Remgro has led and adopted aligned incentives for managers Q:as a strategic priority at investee companies. To enhance performance further and to promote “employee capitalism” why does Remgro not try and ensure that this incentivisation goes all the way down to the shop floor on a commercial basis as is an integral part of EVA theory and is successfully practiced at great companies like Ball Corp (unions included) and top performing local chicken producer Astral as per page 90 of the Astral Integrated Report? – Chris Logan Mr Rupert noted that in his experience, the trade unions generally preferred to receive cash instead of shares.
    [Show full text]
  • Integrated Annual Report 2019 2019 INTEGRATED ANNUAL REPORT Website At
    Remgro Limited | Integrated Annual Report 2019 2019 INTEGRATED ANNUAL REPORT CREATING SHAREHOLDER VALUE SINCE 1948 Originally established in the 1940s by the late Dr Anton Rupert, Remgro’s investment portfolio has evolved substantially and currently includes more than 30 investee companies. MORE INFORMATION This Integrated Annual Report is published as part of a set of reports in respect of the financial year ended 30 June 2019, all of which are available on the Company’s website at www.remgro.com. INVESTOR TOOLS Cross-reference to relevant sections within this report Download from our website: www.remgro.com View more information on our website: www.remgro.com CONTENTS www.remgro.com | Remgro Limited | Integrated Annual Report 2019 1 OVERVIEW 1OF BUSINESS 4 REMGRO’S APPROACH TO REPORTING 7 SALIENT FEATURES 8 GROUP PROFILE REPORTS TO 10 COMPANY HISTORY SHAREHOLDERS 12 OUR BUSINESS MODEL 2 24 CHAIRMAN’S REPORT 14 UNDERSTANDING THE BUSINESS OF AN INVESTMENT HOLDING COMPANY 25 CHIEF EXECUTIVE OFFICER’S REPORT 16 KEY OBJECTIVES AND 32 CHIEF FINANCIAL OFFICER’S REPORT PRINCIPAL INTEGRATED RISKS 40 INVESTMENT REVIEWS 18 DIRECTORATE AND MEMBERS OF COMMITTEES 20 EXECUTIVE MANAGEMENT STRUCTURE 21 SHAREHOLDERS’ DIARY AND COMPANY INFORMATION FINANCIAL 4 REPORT 118 AUDIT AND RISK COMMITTEE REPORT GOVERNANCE AND 121 REPORT OF THE BOARD OF DIRECTORS SUSTAINABILITY 126 REPORT OF THE INDEPENDENT AUDITOR 3 127 SUMMARY FINANCIAL STATEMENTS 66 CORPORATE GOVERNANCE REPORT 79 RISK AND OPPORTUNITIES MANAGEMENT REPORT 86 REMUNERATION REPORT 104 SOCIAL AND ETHICS COMMITTEE REPORT 106 ABRIDGED SUSTAINABLE DEVELOPMENT REPORT ADDITIONAL 5 INFORMATION 146 FIVE-YEAR REVIEW AND SHARE STATISTICS 148 SHAREHOLDERS’ INFORMATION 151 NOTICE TO SHAREHOLDERS ATTACHED FORM OF PROXY Remgro invests in businesses that can deliver superior earnings, cash flow generation and dividends over the long term.
    [Show full text]
  • Blowing the Lid Off the Stellenbosch 'Mafia'
    Legalbrief | your legal news hub Thursday 23 September 2021 Blowing the lid off the Stellenbosch 'Mafia' Like most South African urban hubs, Stellenbosch has desperate poverty and fabulous wealth. What makes the City of Oaks (Eikestad) different is that there is a common thread among its ultra elite – they are mostly male Afrikaners riding high in the heart of Afrikanerdom. Legalbrief reports that author Pieter du Toit has blown the lid off this secretive club with his book The Stellenbosch Mafia: Inside the Billionaire’s Club and, not surprisingly, the backlash has been formidable. The author says Stellenbosch became the spiritual home of the resistance against British domination after the Boer War and the current club includes Johann Rupert, Jannie Mouton, Markus Jooste and Christo Wiese. Julius Malema refers to them scathingly as 'The Stellenbosch Mafia', the very worst example of white monopoly capital, but his own party has close ties. In a 702 interview, Du Toit says Jooste 'desperately wanted to be part of that group (but) 'it didn’t turn out so well … it is a closed society'. Case-in-point: In 2006, the name of Steinhoff International started to appear on rugby jerseys in Stellenbosch. Business Insider reports that other companies found themselves pushed out, and Steinhoff was sponsoring rugby at the international level – even though that holding company had no direct exposure to consumers. For some, this seemed to be more about Jooste's ego than business, writes Du Toit. He said Remgro had earlier wanted to get involved with Stellenbosch Rugby Club, the largest of its kind in the world and a jewel in the university’s crown but they were elbowed out by Jooste and Steinhoff.
    [Show full text]
  • 1 Working Paper 11/2017 GROWTH and STRATEGIES of LARGE, LEAD FIRMS
    Working Paper 11/2017 GROWTH AND STRATEGIES OF LARGE, LEAD FIRMS - REMGRO LIMITED COMPANY ASSESSMENT Pamela Mondliwa, Nicholas Nhundu, Anthea Paelo, Mmamoletji Thosago and Thando Vilakazi Centre for Competition, Regulation and Economic Development, University of Johannesburg [email protected]; [email protected]; [email protected]; [email protected]; [email protected] Abstract The orientation and investment strategies of large firms are at the heart of how countries develop and industrialize. In South Africa, big businesses are now highly internationalised and the investments of lead firms can shape patterns of industrial development and subsequently its ability to embark on an inclusive, labour-absorptive growth trajectory. For industrial policy to be effective there is a critical need to understand the investment trends, strategies and decision-making of large firms, as the policy levers designed to influence the firms’ decisions are unlikely to be effective in the absence of such an understanding. This study focuses on analysing the behaviour and strategies of Remgro Limited over the period 2010 – 2015 as a case study for developing a system for tracking the behaviour of large, lead and dynamic firms across the economy, and abroad. The company is chosen as a large conglomerate group (controlled by the Rupert family) with substantial long-term investments held across several sectors in the South African economy, and abroad. The study uses publically available information from annual reports and announcements to assess whether investments made are largely local or abroad, in which sectors investments are focused and possible reasons why, the interaction of the company with government policies including BBBEE, and how influence exerted over investee companies, including through strategic board members and profit retention, can affect investment outcomes.
    [Show full text]
  • Toespraak Van Die Rektor, Prof H Russel Botman, by Geleentheid Van
    Toespraak van die Rektor, Prof H Russel Botman, by geleentheid van die installering van die 14de Kanselier van die US, Dr Johann Rupert, op Donderdag 18 Februarie 2010. (Word of welcome according to protocol) 1. Minister Blade Nzimande, Minister of Higher Education and Training 2. Mrs Helen Zille, Premier of the Western Cape Provincial Government 3. Minister Trevor Manuel, Minister in the Presidency and Chancellor of the Cape Peninsula University of Technology 4. Justice Thembile Skweyiya, Chancellor of Fort Hare University 5. Professor Jakes Gerwel, Chancellor of Rhodes University 6. Dr Theuns Eloff, Vice-Chancellor of the North-West University 7. Professor Cheryl de la Rey, Rector and Vice-Chancellor, the University of Pretoria 8. Professor Lineo Mazwi-Tanga, Vice-Chancellor of Cape Peninsula University of Technology 9. Professor Sir Duncan Rice, Principal of the University of Aberdeen 10. Professor Mandla Makhanya, Pro-Vice-Chancellor, University of South Africa 11. Professor Gordon Zïde, Deputy Vice Chancellor of the Vaal University of Technology 12. Ambassador Dieter Haller of the Republic of Germany; High Commissioners and Consul-Generals 13. Minister Sakkie Jenner and other Members of the Provincial legislative authorities 14. Alderman Cyril Jooste, Mayor of Stellenbosch and 15. Alderman Buddy Chabaan, Mayor of the Cape Winelands District. 16. Dr Johann Rupert, Chancellor-elect, Mrs Gaynor Rupert, Caroline, Anton and Hannelie Rupert 17. Distinguished guests This is a proud moment in the history of this University. I am sure that over the years the words “proud moment” had been aptly used in various contexts of this University. But I am tonight particularly proud and honoured to have a visionary leader like Dr Johann Rupert installed as Chancellor of this great institution of higher learning.
    [Show full text]
  • Annual Report and Accounts 2007 Worldreginfo - 5880900F-34Fa-41Cd-B6ea-963Ddea659a7 Contents
    Annual Report and Accounts 2007 WorldReginfo - 5880900f-34fa-41cd-b6ea-963ddea659a7 Contents Richemont is one of the world’s leading luxury 2 Executive Chairman’s review goods groups. Johann Rupert outlines his strategic vision and why The Group’s luxury goods interests encompass Richemont is well positioned for future growth several of the most prestigious names in the industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, 5 Group Chief Executive IWC, Alfred Dunhill and Montblanc. Officer’s review Each of the Group’s Maisons represents a proud Norbert Platt provides an overview tradition of style, quality and craftsmanship which of the Group’s performance in 2007 Richemont is committed to preserving. The individual heritage and identity of each Maison is rigorously guarded, the designers and craftsmen being constantly challenged to keep the heritage alive through a continuous process of reinvention and innovation. In addition to its luxury goods businesses, Richemont also holds a significant investment in British American Tobacco – one of the world’s leading tobacco groups. Cautionary statement regarding forward-looking statements This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Words such as ‘may’, ‘should’, ‘estimate’, ‘project’, ‘plan’, ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘potential’, ‘goal’, ‘strategy’, ‘target’, ‘will’, ‘seek’ and similar expressions may identify forward-looking statements. Such forward- looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group’s control.
    [Show full text]
  • Compensation Report
    Compensation report Letter from the Chairman of the Compensation Committee Clay Brendish, Chairman Dear Shareholders, At the AGM in September 2019, shareholders once again approved On behalf of the Compensation Committee, I am pleased to present the remuneration proposals by a large majority. Specifically, our Compensation report for the year ended 31 March 2020. shareholders were asked to approve the maximum amount of fixed Over the past year, the Committee has worked closely with Group Board compensation from the 2019 AGM to the 2020 AGM; the management to further improve the compensation framework, maximum amount of fixed Senior Executive Committee including the introduction of a new long-term incentive plan. This compensation for the 2021 financial year and the variable Restricted Share Unit plan allows for the award of share units to compensation of the Senior Executive Committee for the 2019 employees, who receive the equivalent number of CFR shares financial year. The actual compensation paid to the Board for the following the vesting period. For the Group’s most senior period from the 2018 AGM to the 2019 AGM and to the Senior executives, the vesting of these units is dependent on certain pre- Executive Committee with respect to fixed compensation for the defined performance criteria (Performance Share Unit plan, or 2020 financial year was in line with amounts previously approved ‘PSU’). This new plan further serves to align management by the shareholders. compensation to shareholder returns, a key part of the Group’s The Compensation report that follows describes the Group’s remuneration strategy. guiding principles, philosophy and policies for setting the Structures in place for the remuneration of the Group’s executives compensation of members of the Board and the Senior Executive and employees remain under continual review by the Committee, Committee.
    [Show full text]
  • Reinet Investments S.C.A
    Reinet Investments S.C.A. (incorporated under Luxembourg law and registered with the Luxembourg Register of Commerce and Companies currently under the name Richemont S.A. and the legal form of a société anonyme under number B 16.576 and to be established as Reinet Investments S.C.A. (having the legal form of a société en commandite par actions (partnership limited by shares)) on or about 20 October 2008 pursuant to resolutions of the Company’s shareholder and the PC Holders (as defined herein) passed on 8 October 2008). PROSPECTUS for the admission to trading on the Regulated Market of the Luxembourg Stock Exchange of 574 200 000 ordinary shares (the “Shares”) of Reinet Investments S.C.A., a société en commandite par actions (partnership limited by shares) organised under the laws of the Grand Duchy of Luxembourg and having the corporate objects and tax status of a securitisation company under the Luxembourg Securitisation Law of 22 March 2004 (loi du 22 mars 2004 relative à la titrisation) (the “Luxembourg Securitisation Law”) (“the Company” or “Reinet Investments”). The Shares will be admitted to the Official List of the Luxembourg Stock Exchange and will be admitted to trading on the Regulated Market thereof. No application has been made for an offer of securities of the Company to the public in Luxembourg on the basis of this Prospectus. As at the date of this Prospectus, the Company is incorporated as a société anonyme in Luxembourg with the name Richemont S.A. Pursuant to resolutions passed by its current shareholder and the holders of the participation certificates (“PCs”) issued by the Company (the “PC Holders”), among other things the Company will be converted into a société en commandite par actions and renamed Reinet Investments S.C.A., the existing ordinary shares in the Company will be cancelled and the PCs will be converted into Shares simultaneously with the admission of the Shares to trading on the Regulated Market of the Luxembourg Stock Exchange.
    [Show full text]
  • The Guptas, the Public Protector's Report and Capital Accumulation In
    The Guptas, the Public Protector’s Report and Capital Accumulation in South Africa Ashwin Desai Goolam Vahed Abstract The relationship between South African President Jacob Zuma and his family, and the Guptas, possibly the richest family of Indian origin at present in South Africa, has made persistent national and increasingly international headlines in the media over the past few years. The Gupta family, who arrived in South Africa from India just prior to the country’s first non-racial democratic elec- tions in 1994, are accused of colluding with Zuma in the removal and appoint- ment of government ministers, as well as the directors of State-Owned Enter- prises (SOEs) in order to secure lucrative state contracts. This article examines the allegedly corrupt relationship between the Zumas and the Guptas to probe key issues in post-apartheid South African society: corruption, state capture, inequality, class formation, Black Economic Empowerment, and White Mono- poly Capital. It argues that corruption has negative consequences such as creat- ing despondency amongst the populace leading to capital flight and creating the possibilities for state capture as well as further deepening inequality. Keywords: Apartheid, Gupta, Zuma, Black Economic Empowerment, White Monopoly Capital, Social Cohesion. The lexicon of South African English has been constantly transformed by the inclusion of words from the Afrikaans language, and phrases from the Indian sub- continent, as well as by some words and phrases from local African languages. When this potpourri of ‘English’ is spoken at a rapid pace, even an English Alternation 24,1 (2017) 26 - 49 26 Electronic ISSN: 2519-5476; DOI: https://doi.org/10.29086/2519-5476/2017/v24n1a3 The Guptas, the Public Protector’s Report and Capital Accumulation speaking foreigner could easily get lost as sentences are trespassed with local inflections (Mesthrie 2010).
    [Show full text]