Former Telkom chairman, Jeff Molobela has made himself unavailable for re-election to the board after fellow board members asked shareholders not to re-elect him.<\/p>\n
Molobela, a government representative on the Telkom board since 2009, was blamed by former Telkom CEO Reuben September for his exit from the company, saying that Molobela was interfering with his work.<\/p>\n
According to a report by BDLive, the Telkom board had “diplomatically” asked shareholders not to re-elect Molobela, saying Telkom needed to make space for “fresh skills appropriate to the growth trajectory that the company will be pursuing”.<\/p>\n
According to the report, Molobela said the way the board tried to get rid of him “violates due process”, and no valid reasons were provided to back the move.<\/p>\n
The call for his dismissal had the support of government, it was reported.<\/p>\n
Telkom is sitting at its Annual General Meeting today (27 September), at which shareholders will vote on a number of special proposals put forward by the Telkom board.<\/p>\n
Amongst these proposals is the authority to purchase back a maximum of 10% of Telkom shares if needs be, as well as the authority to provide financial support to Telkom employees – both in order to implement an employee reward share scheme.<\/p>\n
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