Michael Buckham. Photo: Supplied

CAPE TOWN – Sygnia Asset Management on Wednesday announced the resignation of its group financial director Michael Buckham with effect from December 31. 

The investment management company said in a statement on the Stock Exchange News Service that Buckham would oversee the finalisation of the year-end audit, with allowance being made for a hand-over period.

“The Board has activated its succession plan and will announce his replacement in due course. The Board thanks Mr Buckham for his services,” read the statement.

Sygnia recently buffed up its board with the appointment of former Deputy Finance Minister Mcebisi Jonas as a non-executive director, albeit at a rather astonishing bill.

Jonas’s appointment as a non-executive director comes at an annual fee of R1 million, while the 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.

Sygnia’s co-founder and chief executive Magda Wierzycka said there was nothing out of the ordinary about this remuneration structure. “Remuneration of directors, as normal remuneration, is driven by forces of supply and demand.”