| Wed 13 Jun 2001, 0:00 | | Sanlam Limited - Change To The Board Of Directors |
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SANLAM : CHANGES TO THE BOARDS OF DIRECTORS IN THE GROUP AND RESOLUTIONS AT
THE ANNUAL GENERAL MEETING
Sanlam's Board of Directors today (13 June) decided to increase the number
of directors from 14 to 18 with effect from 1 August 2001. Changes in the
composition of boards in the group of companies were also announced. These
changes are aimed at improving the effectiveness of the board structures and
follow Sanlam's earlier announcement that the functions of chairman and
chief executive officer will be separated and which resulted in the
appointment of Dr Leon Vermaak in the latter position from 1 May 2001.
The following current alternate directors will be appointed as executive
directors from 1 August 2001:
Mr H.S.C. (Hendrik) Bester, chief executive of Sanlam Personal Finance Mr
A.S. (Attie) du Plessis, executive director of Associate Companies and
Services Mr P.de V. (Flip) Rademeyer, financial director of Sanlam Limited
In addition Prof. J. (Johan) van Zyl, who has been appointed as the new
Chief Executive of Santam from 1 August 2001 and who is currently a non-
executive director of Sanlam will be appointed as a executive director of
Sanlam from the same date and will retire from the Sanlam audit committee.
Mr D.L. (Derek) Keys, reaches the compulsory retirement age of 70 later this
year and Mr G.E. (George) Rudman will be appointed in his place as a non-
executive director as well as a member of the Sanlam audit committee.
He retired earlier this year as an executive director : Strategy of Sanlam
after 37 years of service.
As from 1 August 2001, the other non-executive directors on Sanlam's Board
will be: Mr M.H. (Marinus) Daling, (chairman), Mr T. (Ton) Vosloo (deputy
chairman), Mr J.P.L. (Johan) Alberts, Prof. A.C. (Ahmed) Bawa, Mr D.C.
(Dave) Brink, Mr T.S. (Thulani) Gcabashe, Ms D.N.M. (Dawn) Mokhobo, Prof.
A.F. (Andr ) Perold* (* USA citizen), Mr P.E.I. Swartz (Peter), Mr J.J. M
(Boetie) van Zyl and Mr B.P. (Peter) Vundla.
The following members of Sanlam's executive committee will be appointed as
alternate directors from 1 August 2001:
Mr N.T. (Nick) Christodoulou, chief executive of Sanlam Employee Benefits
Mr M. (Marius) Ferreira, chief executive of Gensec Bank
Mr P.C. (Charl) le Roux, chief executive of Innofin
Mr J.A.A. (Angus) Samuels, chief executive of Sanlam Investment Management
Mr C.G. (Chris) Swanepoel, statutory actuary of Sanlam Life Insurance
Limited
One vacancy remains on the Board, which will be filled in due course.
Dr Leon Vermaak will become chairman and director in the place of Mr Marinus
Daling on the Boards of Sanlam Personal Finance, Sanlam Employee
Benefits and Sanlam Investment Management, and a director of Innofin. He
will also become a director of Gensec Bank.
At Sanlam's annual general meeting (AGM) held on 13 June at Sanlam's Head
Office in Bellville, shareholders again gave the board of directors the
authority for the company to be able to repurchase its own shares. This
follows after Sanlam's articles of association were amended during last
year's annual general meeting in such a way that the company may repurchase
its own shares if the board of directors is authorised to do so each year.
After the AGM Marinus Daling, Sanlam's chairman, said that there are
presently no specific plans to acquire Sanlam shares in the market, but that
the decision simply makes provision for such transactions, should surplus
funds and the market price of the shares warrant this during the following
year.
The authorisation given to Sanlam's board of directors last year to issue
all or any part of the unissued ordinary Sanlam shares was also renewed by
the shareholders until the next AGM.
The Sanlam Limited Share Incentive Trust's trust deed has been amended at
the meeting to make provision for a number of administrative matters
resulting from the acquisition of all the ordinary shares in Gensec by
Sanlam at the end of last year.
The shareholders also re-elected Messrs Gcabashe, Keys, Van Zyl and Vundla,
Ms Mokhobo and Profs Perold and Van Zyl as directors of Sanlam.
- Ends -
Enquiries: Johan Bester, Company Secretary (021) 947-3082
Issued by Frans van Rensburg, Sanlam Media Relations (021) 947-4893
