FirstRand said yesterday that chairperson Roger Jardine remained classified as independent non-executive in line with the SA Reserve Bank’s Prudential Authority (PA) new directive that deals with issues of sound corporate governance.
“The PA has exercised its regulatory discretion allowed under the directive and granted dispensation that Roger’s nine-year tenure will commence from when he was appointed chairperson. This means that the FirstRand chairperson remains classified as independent non-executive,” it said.
The directive issued last October in terms of the Banks Act stipulates that any non-executive board member who has served for longer than nine years cannot be considered independent.
Jardine who has been on the board for a period of eight years and 11 months was appointed chairperson in April 2018.
“This dispensation was given on the basis that Roger will continue to be subjected to FirstRand’s rigorous policies and procedures regarding the ongoing assessment of independence, conflict of interest declaration and board evaluations,” the bank said.
The bank said long-term non-executives Ethel Gothatamodimo Sebesho and Nolulamo Gwagwa would retire at the upcoming annual general meeting in 2019. It said Mary Bomela and Amanda Nzimande would also retire at the annual general meeting in 2020.