FirstRand (FSR) AGM 2024 summary

Opening remarks and agenda

• The 28th AGM was convened with proper notice, a quorum present, and proceedings broadcast live; 18 resolutions were tabled, including ordinary, special, and advisory votes.

• Voting was conducted electronically, with shareholders able to vote at any time during the meeting.

• Board committee chairs, executive directors, auditors, and legal advisors were present to address questions.

Board and executive committee updates

• Two directors, Mr. Louis von Zeuner and Dr. Sibisi, offered themselves for re-election and were recommended by the board.

• Mr. Paballo Makosholo was nominated to fill a board vacancy as an independent non-executive director.

• Ongoing review of board composition and skills is conducted semi-annually, with a focus on emerging risks and diversity.

Corporate governance

• The board supports amending the MOI to allow all NEDs, including the chair, to stand for election, aligning with best practice, pending regulatory updates.

• Independence of the chair was confirmed in line with King IV and company policy after a cooling-off period.

• Board diversity targets for gender and race have been exceeded, and expertise in ESG and climate risk is being strengthened.