ABL ABLP
ABL
African Bank Investments Limited - Changes To The Board Of Directors
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
(Ordinary share code: ABL) (ISIN: ZAE000030060)
(Preference share code: ABLP) (ISIN: ZAE000065215)
("ABIL" or "the company")
CHANGES TO THE BOARD OF DIRECTORS
During the latter part of 2005 ABIL reviewed the composition of its board to
determine it"s optimal size in order to enhance its effectiveness. The ABIL
board currently consists of nineteen directors, being eleven non-executive and
eight executive directors. After consideration ABIL is of the view that its
board should ideally consist of no more than fourteen directors of which a
majority must be non-executive.
In addition, ABIL has a term limit policy that allows non-executive directors
(other than the Chairman) to serve a maximum of six years. Consequently three
directors who were appointed to the board on 14 February 2000, have elected to
retire as non-executive directors. They are Bhekisisa Shongwe, Steven Levitt and
Jacob Kekane.
To facilitate the restructuring to optimal size, three executive directors will
step down as directors, with no change to their executive positions and
operational responsibilities. These are Angus Herselman, responsible for
collections and IT, Johan de Ridder, responsible for the implementation of the
proposed National Credit Bill and international benchmarking, and Dawn Marole
who is responsible for human resources.
These changes will take effect from 25 April 2006, being the date of the next
annual general meeting.
ABIL wishes to thank all these directors for their time, effort and dedication
in support of the group.
Midrand
16 February 2006
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 17/02/2006 10:52:47 AM Produced by the JSE SENS Department
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