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Foschini - changes to the board
The Board of Directors of the Company (the 'Board') advised shareholders of the following changes to the Board and Board Committees as noted below.
These changes are the outcome of the Nomination Committee and Board's continuous review of board composition, succession planning and board renewal and aims to align the Company with evolving corporate governance requirements and best practices. Due consideration has also been given to the Board's independence policy – introduced in 2023 progressively over a three-year glide path – such that after this three-year period, a non-executive director with tenure of more than 12 years will no longer be categorised as independent. This policy will be fully implemented by the end of the 2026 calendar year.
The Board announced the appointments of Gcina Zondi and Bridgitte Backman as independent non-executive directors of the Company with effect from 12 June 2025 and 1 September 2025, respectively.
Changes to the classification of directors
The following directors, previously classified as Independent Non-executive Directors, are now classified as Non- executive Directors of the Company, with effect from 12 June 2025, based on their tenure being longer than 12 years. This follows the Board's annual review of the classification of directors and with due consideration for the Board's independence policy as referenced above:
- Michael Lewis
- Ronnie Stein
- Eddy Oblowitz
Doug Murray, a non-executive director of the Company, who was due to retire by rotation at the Company's annual general meeting on 4 September 2025, has indicated that he will not offer himself for re-election. He will therefore be retiring from the Board with effect from 4 September 2025, following the conclusion of the Company's annual general meeting. He will also step down as a member of the Risk Committee and as a director of the Group's UK and Australian subsidiaries' boards and committees. Doug has served as a non-executive director for 6 years and the Board would like to thank him for his valuable contributions over this period.
SENS.
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