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NEDBANK GROUP LIMITED - Change in classification of Vassi Naidoo

Release Date: 04/12/2018 15:00
Code(s): NED NBKP     PDF:  
Wrap Text
Change in classification of Vassi Naidoo

NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
(‘Nedbank Group’ or ‘the Group’)

NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE share code: NBKP
ISIN: ZAE000043667
(‘Nedbank’)

NEDBANK GROUP LIMITED AND NEDBANK LIMITED – CHANGE IN CLASSIFICATION
OF VASSI NAIDOO FROM NON-EXECUTIVE CHAIRMAN TO INDEPENDENT NON-
EXECUTIVE CHAIRMAN

Shareholders are advised that, with effect from 1 January 2019, Vassi Naidoo will be
classified as an independent non-executive Chairman of Nedbank Group and Nedbank.

Background

Shareholders are referred to the announcement by Old Mutual Limited (‘OML’) on 26
September 2018 regarding the unbundling by OML of a significant portion of OML’s
shareholding in Nedbank Group shares (‘the Unbundling’). OML implemented the
Unbundling on 15 October 2018, through the distribution of approximately 31,73% of the
issued shares of Nedbank Group to OML shareholders, whilst retaining a strategic minority
stake of 19.9% of the issued share capital in Nedbank Group in its shareholder funds to
underpin the continuing relationship and commercial benefits between the two organisations.

With the completion of the unbundling of the majority of OML’s stake in Nedbank Group on
15 October 2018, the OML Board has agreed that it is now appropriate for Vassi Naidoo to
step down from his non-executive directorship of OML with effect from 31 December 2018.

Independence considerations

The Boards of Nedbank Group and Nedbank have evaluated all factors that may, or may
reasonably be perceived to, impair Mr Naidoo’s independence once he has stepped down
from the OML board, and are satisfied that in the absence of any changed circumstances,
there are no relationships or circumstances that are likely to affect his judgment, and that he
meets the requirements of independence, including those as set out in King IV.

Sandton
4 December 2018

Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank CIB

Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd

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