Corpcapital appoints new non-executive director.

Posted On Thursday, 20 February 2003 02:00 Published by
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Corpcapital had appointed Douglas Brooking as a non-executive director as part of its commitment to bringing its board composition into line with acceptable corporate governance practices.
Johannesburg - Corpcapital had appointed Douglas Brooking as a non-executive director as part of its commitment to bringing its board composition into line with acceptable corporate governance practices, it said yesterday.

Brooking is a former deputy chairman of Deutsche Bank South Africa and a former partner for 20 years at Ivor Jones, Roy & Co.

Earlier this week the company gave an undertaking to improve the composition of its board after Nigel Payne released his report into allegations of corporate governance abuses at Corpcapital by former non-executive director Nic Frangos.

Payne had recommended that Corpcapital improve on the number of non-executives serving on the board. There will now be four non-executives and six executives on the Corpcapital board.

In a move that might surprise some, Corpcapital said Brooking would head a sub-committee to supervise the implementation of ways to unlock shareholder value. Corpcapital said this would not involve a management buyout of the company.

Neil Lazarus, an executive director at Corpcapital, said it had specifically stated this in the cautionary, as Frangos had alleged in his resignation letter that management was looking at delisting.

This allegation had formed part of Payne's investigation and Payne dismissed it, saying there was no strategy by the board to delist the company.

Lazarus said there had been an acknowledgement that Corpcapital was trading at a discount to its net asset value and had not received a rating.

'It's exactly what it purports to be: a strategy at delivery value,' he said.

Eric Ellerine, the chairman, said it was the board's objective to create and deliver wealth for shareholders.

'Brooking's appointment and the formation of a sub-committee focused on unlocking value serves to underline this commitment,' he said.

Corpcapital gained 2c to 90c in Johannesburg yesterday.

Publisher: Business Report
Source: Max Gebhardt

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