Extraordinary general meeting for South Africa's central bank?
Thursday, 22 April 2010 06:59 Sapa.
Two SA Reserve Bank (SARB) shareholders have formally requested an extraordinary general meeting to discuss the privatisation of the central bank's ownership.
"We must also clarify shareholders rights and this we cannot do at the annual general meeting," Michael Duerr, one of the shareholders, said in a statement on Wednesday.
Duerr, who lives in Germany, said Mario Pretorius, a South African shareholder, had also requested an extraordinary general meeting within 60 days of April 20.
He said the request was made in a letter to SARB secretary Tiyani Mongwe.
Nearly 13 percent of SARB's private shareholders have reportedly asked for an extraordinary general meeting.
According to FinWeek, Duerr has asked for the discussion of 11 proposals, among them that:
-- the SARB board not discuss, recommend or raise the issue of the Bank's nationalisation before obtaining shareholders' mandate by way of a referendum;
-- SARB annually declare a capital distribution equal to 10 percent of its net profit to shareholders; and
-- Private sector benchmarks not be used in setting the remuneration of the governor and deputy governors.
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