CAPE TOWN – Sygnia Asset Management has appointed former Deputy Finance Minister Mcebisi Jonas as a non-executive director to its board at a special general meeting of shareholders on Tuesday.
Notably, Jonas’s appointment as a non-executive director comes at an annual fee of R1 million, while the current Syngia board chairperson takes home R500 000 per annum for his services and the other non-executive directors take home at least R200 000 per annum.
When reached for comment Sygnia’s co-founder and chief executive Magda Wierzycka said there was nothing out of the ordinary about this remuneration structure.
“I don’t care to comment on your individual questions. Remuneration of directors, as normal remuneration, is driven by forces of supply and demand.
“Please look at other board remunerations eg MTN to note the wide range of remunerations payable to directors. R1m is very modest for a person of Mr. Jonas’ status.
“Sygnia has zero government business, does not tender for government business and does not expect Mr. Jonas to use any influence to drive business to Sygnia. He is expected to fulfill a role of a director as defined in Companies Act and King IV (Report on Corporate Governance),” Wierzycka said in response to emailed questions.
Jonas is also the former chairperson and non-executive director of the Public Investment Corporation. He has served as an independent, non-executive director of the MTN Group since June 2018.
Jonas is also one of four independent Presidential Investment Envoys, appointed by President Cyril Ramaphosa to promote foreign investment in South Africa.
“To resolve that fees payable by the Company to the following directors for their services as directors… be and are hereby approved for a period of one year from the passing of this special resolution or until its renewal, whichever is the earliest, as follows:
1.1 in respect of Professor Haroon Bhorat, a proposed annual fee of R500 000;
1.2 in respect of Mr. Mcebisi Jonas, a proposed annual fee of R1 000 000.
“Shareholders are advised that the fees payable to the other non-executive directors of the Company remain unchanged, and are subject to review and renewal by special resolution at the next Annual General Meeting of the Company,” read part of Sygnia’s communique to shareholders.
BUSINESS REPORT ONLINE