FirstRand Bank in south Africa is facing the retirement of four of its board members, but has managed to negotiate a reprieve for its chair, the group said on Tuesday. Www.fin24.com reported that the directive, which deals with issues of corporate governance, states that any non-executive board member who has served for longer than nine years cannot be considered independent. The directive impacts four directors plus group chair William Rodger Jardine, who has been on the board for 8 years and 11 months. Jardine’s tenure, however, will now be measured from his date of appointment as chair in April 2018, effectively buying him until 2027. He was appointed as chair following a “comprehensive engagement process” between FirstRand and the PA, the statement said.

Source: Punch July 02, 2019 23:26 UTC