Not only did the fund manager schedule its AGM at exactly the same time as the budget speech, but shareholders were limited to submitting questions for the virtual event by text only. The event, they say, fell short of the requirements of the Companies Act
If you’re a company whose share price is less than a third of where it was seven years ago and you’re facing a R900m tax bill, you’d welcome the opportunity to speak to shareholders at your AGM, right?
And yet Coronation Fund Managers — the third-largest fund manager in the country, which manages the pensions of thousands of South Africans and knows a thing or two about markets — scheduled its annual meeting for 2pm on Wednesday February 22. To most people in the financial community, this would have triggered a few bells, as it was precisely the time that finance minister Enoch Godongwana stood up to present his annual budget. ..
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