ABSA - Resignation Of Non-Exec Director
ABSA GROUP LIMITED ("Absa" or "the Group")
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
Share code: ASA
ISIN: ZAE000013389
RESIGNATION OF NON-EXECUTIVE DIRECTOR
IN ACCORDANCE WITH THE REQUIREMENTS OF PARAGRAPH 3.67 OF
THE LISTINGS REQUIREMENTS, THE FOLLOWING IS ADVISED:
Absa announces the resignation, with effect from 31 October 2002, of non-
executive director Dr Dirk Mostert from the Absa board, as well as from the
board of Absa Bank Limited, the Group`s banking subsidiary.
In terms of a shareholders` agreement ("the shareholders` agreement"), between
Financial Securities Limited (a wholly-owned subsidiary of Remgro Limited), the
Mine Employees Pension Fund and the Sentinel Mining Industry Retirement Fund
(collectively referred to as "the Funds") and Sanlam Limited these shareholders
have the right to nominate appointees to the Absa board. In terms of the
shareholders` agreement, the Funds nominated Dr Mostert to the Absa board. The
trustees of the Funds have since decided not to have nominated directors on the
boards of companies where they have such a right. Consequently Dr Mostert has
tendered his resignation from the Absa and Absa Bank Limited boards. The Funds
nevertheless retain their right, in terms of the shareholders` agreement, to
nominate one or more appointees to the Absa board.
The composition of the Absa board following the resignation is as follows:
NON-EXECUTIVE
D C CRONJ (CHAIRMAN)
A S DU PLESSIS
T VAN WYK
INDEPENDENT NON-EXECUTIVE
D C BRINK (DEPUTY CHAIRMAN)
N B BAM
L BOYD
B P CONNELLAN
G GRIFFIN
L N JONKER
P DU P KRUGER
T M G SEXWALE
F A SONN
P E I SWARTZ
EXECUTIVE
E R BOSMAN (GROUP CHIEF EXECUTIVE)
F J DU TOIT
G R PARDOE
5 November 2002
Date: 05/11/2002 02:35:28 PM Produced by the JSE SENS Department
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