NED / NBKP - Nedbank - Position Of Vice-Chairman To Be Discontinued
NED NBKP
NED NBKP
NED / NBKP - Nedbank - Position Of Vice-Chairman To Be Discontinued
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
("Nedbank Group" or "the group")
NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE share code: NBKP
ISIN: ZAE000043667
POSITION OF VICE-CHAIRMAN TO BE DISCONTINUED
The boards of Nedbank Group and Nedbank Limited have decided to do away with the
position of vice-chairman of the board. The role of vice-chairman is no longer
considered to be necessary following the creation of the position of senior
independent non-executive director, the post which is held by Mr Chris Ball.
As a result of this decision, the joint vice-chairmen of the boards, Prof
Michael Katz and Mr Lot Ndlovu, will formally step down from their positions at
the annual general meeting in May 2009 and continue to serve as non-executive
directors of the group.
Both directors will retain their current board committee responsibilities, with
Prof Katz continuing to chair the group credit committee and Mr Ndlovu chairing
the board transformation and sustainability committee. In this capacity Mr
Ndlovu will continue to assist the group with its transformation programme. As
previously advised to shareholders, the group`s consultancy contract with Mr
Ndlovu expires on 31 December 2008.
Sandton
30 October 2008
Sponsors:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Date: 30/10/2008 10:55:01 Produced by the JSE SENS Department.
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