AYO board has consistently engaged with AYO shareholders regarding strengthening the independence and governance structures of the board. File Photo: IOL

CAPE TOWN – One of the country’s largest BEE ICT Groups, JSE-listed AYO Technology Solutions, today announced the restructuring of its board of directors, in accordance with AYO’s adherence to stringent corporate governance.

Since its listing on December 21, 2017, the AYO board has consistently engaged with AYO shareholders regarding strengthening the independence and governance structures of the board, thereby ensuring stronger representation of independent non-executive directors.

Salim Young, former deputy chairperson of AEEI, announced that he was stepping down as the independent non-executive chairperson of the AYO board to fulfil the ESG requirement for a three-year cooling-off period as per the request of the Public Investment Corporation (PIC), as one of the largest shareholders of AYO. 

Mr Young will remain an independent non-executive director and stated that this was a decision he took due to his commitment to broadening the independence and governance of the board.

The board is pleased to announce the appointment of Dr Wallace Mgoqi, a former attorney and advocate of the High Court of South Africa and currently the co-judge in the largest land restitution claim, as non-executive chairperson of the AYO board, who replaces Young as chairperson.

Young supported this decision and said: “It has been a pleasure holding the position as non-executive chairperson of the AYO board and I wish Dr Mgoqi well in his new role. Dr Mgoqi comes with a wealth of experience and I am confident that he will lead the AYO Group on its journey to meet its strategic objective of evolving into the country’s leading BEE ICT Group.”

In addition to the appointment of the new chairperson, Dennis George and Sello Rasethaba and Rosemary Mosia have also been appointed as independent non-executive directors to the board with immediate effect.

Supporting this decision to have more independent non-executive directors, Khalid Abdulla, Walter Madzonga, Telang Ntsasa and Mbuso Khoza resigned as members of the board to help the group to meet its adherence to stringent corporate governance.

The AYO board welcomed the appointment of Dr Mgoqi, George and Rasethaba and Rosemary Mosia and looks forward to their contributions.

Dr Mgoqi concludes: “I look forward to serving the board and ensuring that AYO has the highest corporate governance standards and excellence as a JSE-listed company, as well as to represent the interest of AYO’s very diversified shareholder base with diligence.”

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- BUSINESS REPORT