PIC criticises hypocrisy` as Sasol blocks Mkhize
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Chief Reporter
THE Public Investment Commissioners (PIC) yesterday criticised `institutional investors` for hypocrisy in trying to thwart transformation in corporate SA.
This came after the PIC nominated World Petroleum Congress CEO Imogen Mkhize to the Sasol board yesterday at the company`s annual general meeting, but shareholders rejected the proposal.
Mkhize would have been the only black woman on Sasol`s board.
Sasol would not say why shareholders had voted against the proposal. However, certain institutions were contacted by Sasol before the meeting, which sources said was an effort to lobby them to vote against the PIC proposal.
The PIC said the defeat of Mkhize`s nomination was `a major blow` to transformation.
`Mkhize`s failure to make it as a nonexecutive director of Sasol reflects the extent to which some institutional investors talk the language of transformation in public but do everything in their power to (thwart this) in the secrecy of the voting booth,` it said.
Sasol`s largest institutional investors are Old Mutual and Allan Gray, with 9,1% apiece. Stanlib, Sanlam Investment Management and others also hold shares.
Allan Gray said it had abstained from the Mkhize vote; other institutions would not comment on their votes.
Sasol would not comment on the matter in detail, but sources said the company did not want to appoint an additional director yet, and would rather wait until next year .
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