The Redefine board approved a Gender Diversity Policy in 2015 in which the company adopted a voluntary target for female representation at board level of 25%. The aim was to achieve this over a five year period, but with the various changes announced today, effective 9 February 2017, the company has achieved black female representation of 30% at board level and has appointed female independent directors to chair certain board sub-committees.
Marc Wainer, a doyen of the property sector in SA, continues to lead the board as Executive Chairman and in compliance with the King Code, Bernie Nackan remains lead independent director. Marc will continue to ensure the integrity and effectiveness of the board and its committees and maintain high standards of corporate governance and ethical behaviour. Marc's unique skills remain available to executive management through mentorship and strategic support.
Throughout the review process the board focussed on succession planning and renewal for its leadership positions and to ensure that new board members are able to effectively succeed departing members and contribute to the governance of the organisation
The board has also focussed on the King Code recommendation of ensuring that the board comprises of a majority of non-executive directors of whom the majority should be independent.
To accommodate this and the need for transformation, Mr Gὔnter Steffens, an independent non-executive director and Mr Mike Watters, a non-executive director, have indicated that they will step down from the board and will not make themselves available for re-election by shareholders at the annual general meeting (AGM) in February next year.
“Both Mr Steffens and Mr Watters have served the board with distinction and the company has greatly benefited from their invaluable experience and wealth of knowledge. On behalf of the board of directors, I wish to extend our sincerest gratitude to both for their significant contributions to the Redefine board over the past few years. I wish them the very best,” says Andrew Konig, CEO, Redefine Properties.
Executive directors, David Rice and Mike Ruttell, who is also a member of the Social and Ethics Committee, will withdraw from the board from 9 February 2017, but remain members of the company’s senior executive management leadership team and as standing invitees to meetings of the board.
“We would like to thank David and Mike for their contributions as board members but stress that we will continue to benefit from their vision and leadership roles as COO and Director of Development,” says Konig.
Ms Bridgitte Matthews will join the board next February as an independent non-executive director and as a member and chairman of the Remuneration Committee and as a member of the Nomination Committee.
A qualified charted accountant, Ms Matthews is the founder of Ca Vie Investments (Pty) Ltd, a specialist business process management consulting firm. She is also a member of African Women Chartered Accountants since 2007 and the Institute of Directors since 2011.
"We are delighted to welcome Brigitte to our board and look forward to tapping into her valuable operating experience and fresh insights", says Konig.
Ms Matthews is deputy chairperson of the board, non-executive director and member of the audit committee at ATKV; non-executive director and chairperson of the audit, risk and IT committee, member of the social, ethics and remuneration committee at Suidwes Landbou Group; non-executive director and member of the audit and risk committee at PSG Group Limited and PSG Financial Services Limited; chairperson of the board of trustees at Redefine Empowerment Trust; and a non-executive director and member of the audit and risk committee at OneLogix Group Limited.
In other transformational appointments, Ms Phumzile Langeni and Ms Nomalizo Langa-Royds, both existing independent non-executive directors will be appointed chairperson of the Audit and Risk Committee and chairperson of the Social and Ethics Committee respectively.
According to Konig, implementation of the review recommendations has given Redefine the opportunity to accelerate meaningful participation by women in the boardroom and to create scope for renewal and transformation.
“We are serious about equity and diversity. Redefine is centred on people and we remain committed to fostering and supporting diversity and skilled leadership at all levels in the organisation.”