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NED NBKP
NED NBKP
NED/NBKP - Nedbank Group/Nedbank Limited - Retirement 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
RETIREMENT OF NON-EXECUTIVE DIRECTORS
Nedbank Group and Nedbank Limited have adopted a policy that their non-executive
directors should not serve on the board for more than nine years. This policy
extends beyond the recommendations of the UK Combined Code on corporate
governance which states that independence is compromised if a director serves on
the board for more than nine years. Accordingly, Michael Katz, JB Magwaza and
Mafika Mkwanazi will retire as non-executive directors of Nedbank Group and
Nedbank Limited with effect from close of business on 19 November 2009 as they
have each served on these boards for periods well in excess of nine years.
Michael Katz joined the Nedbank Limited board in January 1984 and the Nedbank
Group board in November 1997. He served as Vice-chairman from November 2002
until the position was discontinued in May 2009. He is currently Chairman of
both the Group Credit Committee and the Executive Credit Committee.
JB Magwaza was appointed to the boards in October 1996. He is currently
Chairman of the Group Remuneration Committee.
Mafika Mkwanazi joined the boards in April 1999. He is currently Chairman of
the Board Strategic Innovation Management Committee.
Nedbank Group and Nedbank Limited Chairman, Dr Reuel Khoza, said: "While we are
pleased to be implementing this sound corporate governance principle, it is sad
for the group to lose directors with such experience and expertise
simultaneously, and we thank each one of them for their contribution to the
oversight of the bank over many years. We have made a number of new
appointments to the board in the last year in advance of these directors
retiring."
Following the retirement of these directors and the recent resignation of Lot
Ndlovu, new chairmen have been appointed to the following board committees with
effect from close of business on 19 November 2009:
Group Credit Committee and Executive Credit Committee - Wendy Lucas-Bull
Group Remuneration Committee - Brian De Lacy Figaji
Board Strategic Innovation Management Committee - Alan Knott-Craig
Group Transformation and Sustainability Committee - Thenjiwe Chikane
Sandton
23 October 2009
Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Sponsors to Nedbank Limited:
Investec Bank Limited
Nedbank Capital
Date: 23/10/2009 12:00:03 Produced by the JSE SENS Department.
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