| Mon 23 Feb 2009, 14:55 | | NED/NBK/NBKP - Nedbank Group/ Nedbank Limited - Change in status of non- |
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NED NBKP
NED NBKP
NED/NBK/NBKP - Nedbank Group/ Nedbank Limited - Change in status of non-
executive directors
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
CHANGE IN STATUS OF NON-EXECUTIVE DIRECTORS
The boards of Nedbank Group and Nedbank Limited have approved the
reclassification of Prof Michael Katz and Mr Lot Ndlovu from non-executive
directors to independent non-executive directors with effect from 20 February
2009.
Prof Katz was previously an executive director of the group and became a non-
executive director when his employer, Edward Nathan Friedland, which was a
subsidiary of the group, was sold in December 2004. He has therefore not been an
employee of the group for over four years.
Mr Ndlovu was also previously an executive director of the group and was
appointed as a non-executive director in May 2005 after resigning as CEO of
Peoples Bank, which was a subsidiary of the group. As previously advised, Mr
Ndlovu`s consultancy contract with the group expired on 31 December 2008.
Both these directors therefore now qualify to be classified as independent
directors in terms of King II and the JSE`s Listing Requirements. Nedbank Group
is a subsidiary of Old Mutual plc, which has as its governance code the UK`s
Combined Code. These directors do not qualify as independent in terms of the
Combined Code. Whilst the boards are cognisant of this fact, they considered
the matter and reached their conclusion on the basis of King II being the
internationally recognised primary code applicable to Nedbank Group. In
addition, the boards considered the independence in character and judgement of
the directors, and whether there were any current relationships or circumstances
that would be likely to affect, or appear to affect, the director`s judgement.
As both Prof Katz and Mr Ndlovu have served on the board for more than nine
years, both will seek re-election annually at the annual general meeting in
terms of Nedbank Group practice.
Sandton
23 February 2009
For further information contact
Tier 1 Investor Relations
Tel: +27 (0)21 702-3102
Sponsors:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Date: 23/02/2009 14:55:01 Produced by the JSE SENS Department.
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