Net1 board size to reduce and committees to be reconstituted
09 Juni 2020 - 3:00PM
Net 1 UEPS Technologies, Inc. (“Net1” or the “Company”) (Nasdaq:
UEPS; JSE: NT1) today announced that Messrs. Paul Edwards and
Alfred T. Mockett will resign from their positions as members of
the board of directors, effective June 30, 2020. In addition, Mr.
Alasdair J. K. Pein advised the Company that he will not stand for
re-election at the Company’s next annual meeting expected to be
held in November 2020. These voluntary retirements, together with
the previously-announced retirement of Mr. Christopher S.
Seabrooke, were offered by the longest serving non-executive
directors to facilitate a resizing of the board and also reduce the
average tenure of the remaining board members materially. As a
result, from July 1, 2020 the board will comprise two executive and
seven non-executive directors, reducing to six non-executive
directors after the 2020 annual meeting.
Outgoing Chairman Mr. Christopher S. Seabrooke
said, “The Company is highly appreciative of the expertise,
dedication and high-quality participation and guidance of the
retiring directors during their years on the board. The Company,
and I personally, express our sincere thanks to each of them and
our best wishes for the future.” Incoming Chairman Mr. Jabu Mabuza
said, “I echo and support these words of appreciation to the three
retiring directors and also to Mr. Seabrooke for his lengthy tenure
on the board and in particular for his professional and exemplary
leadership of the Company as chairman in recent years.”
The Company also announced that that the board
has reviewed the constitution of its committees and made changes
effective July 1, 2020. Net1’s board committees comprise only
non-employee directors.
The table below presents the reconstituted board
committees:
Director |
|
Audit Committee |
|
RemunerationCommittee |
|
NominatingandCorporateGovernanceCommittee |
|
CapitalAllocationCommittee |
Jabu A. Mabuza |
|
|
|
X |
|
X* |
|
|
Antony C. Ball |
|
|
|
X* |
|
X |
|
X* |
Ian O. Greenstreet |
|
X |
|
|
|
|
|
X |
Ali Mazanderani |
|
|
|
|
|
|
|
X |
Kuben Pillay |
|
X |
|
X |
|
|
|
|
Alasdair J.K. Pein |
|
|
|
X |
|
|
|
|
Ekta Singh-Bushell |
|
X* |
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
* Chairperson |
|
|
|
|
|
|
|
|
The board of directors also performed a review
of the Company’s non-employee director fee structure. Through
benchmarking against an appropriate group of peer companies, it has
determined a revised fee structure that will, among other things,
reduce the base non-executive director fee by 33%.
About Net1 (www.net1.com)
Net1 is a multinational financial technology
company with a presence in Africa, Asia and Europe. Net1 leverages
its proprietary banking and payment technology to distribute
low-cost financial and value-added services to underbanked
consumers and small businesses. The Company also provides
transaction processing services, including being a leading payment
processor and bill payment platform in South Africa. Net1 leverages
its strategic investments in banks, telecom and mobile payment
technology companies to further expand its product offerings or to
enter new markets. Net1 has a primary listing on NASDAQ (NasdaqGS:
UEPS) and a secondary listing on the Johannesburg Stock Exchange
(JSE: NT1). Visit www.net1.com for additional information about
Net1.
Investor Relations Contact:
Dhruv Chopra Group Vice President, Investor Relations Phone: +1
917-767-6722 Email: dchopra@net1.com
Media Relations Contact:
Bridget von Holdt Business Director – BCW Phone: +27-82-610-0650
Email: Bridget.vonholdt@bcw-global.com
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