Investec PLC and Ltd - Sandton, Johannesburg-based financial services firm - Says Investec Ltd will not make donations to any political parties in South Africa. Its decision comes as South Africans prepare to vote in general elections this year. Says the company will continue to support the deepening of democracy through donations to independent organisations that support the constitution of South Africa and voter education.
At an annual general meeting early in August, just under 24% of shareholders voted against a resolution on political donations. UK companies are required to provide an update within six months of an AGM where more than 20% of shareholders have voted against a motion. Says Investec PLC does not give any money for political purposes in the UK, nor does it make any donations to UK political organisations or incur UK political expenditure. In line with UK market practice, the authority was requested at the AGM only as a precautionary measure to ensure that Investec PLC and any company which is or becomes a subsidiary of Investec PLC does not inadvertently breach the relevant provisions of the UK company laws.
Current stock price in London: 506.60 pence, down 0.9% on Friday afternoon
12-month change: down 5.7%
Current stock price in Johannesburg: ZAR120.44, down 0.9%
12-month change: up 8.8%
By Artwell Dlamini, Alliance News reporter
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