Letshego reviews directors’ fees

… Reducing them by over 30 per cent

STAFF WRITER

editors@thepatriot.co.bw

An Extraordinary General Meeting (EGM) of shareholders of Letshego (EGM) is due to take place on October 25, 2022 with one key agenda item on the table – the review of directors’ fees.

The proposed new remuneration structures for directors is: Board Chairman All-inclusive Fixed fee of P950, 000; Directors (Main Board) – P27, 285 per sitting; Directors (Annual Retainer) – Directors P240, 000; All Committee Chairpersons –P30, 000 per sitting; Committee members P20, 000 per sitting; and Adhoc meetings –P2,000 per hour capped at P10,000 per meeting.

The review of directors’ fees has been prompted by the shareholders who decline to approve the last proposal early this year with some raising alarm at the exorbitant fees the directors were being paid. Contacted for comment The Letshego Holdings Board spokesperson said:  “At Letshego Holdings Ltd Annual General Meeting for 2022, shareholders concluded not to approve the remuneration for non-executive directors’ remuneration for financial year ending December 2022 that had been tabled for approval in line with standard governance practice.  The Group has since concluded a thorough review of Non Executive Director (NED) remuneration structures, and published a revised NED remuneration structure for shareholder vote at an Extraordinary General Meeting (EGM) on Tuesday 25 October 2022.  This revised NED remuneration structure represents a 36% year on year reduction in board fees and a 33% reduction in board retainer fees.”