The South African Reserve Bank has announced that its annual general meeting of shareholders has been delayed.
In an online statement signed by bank Secretary, JJ Rossouw, he says the bank faces certain challenges which may adversely affect what he calls “the sound functioning of the Bank and thereby negatively impact on the national interest of South Africa”.
The statement goes on to say it is regarded of the utmost importance that certain of the provisions of the Act be amended as envisaged in the South African Reserve Bank Amendment Bill, 2010), as soon as reasonably possible, for purposes of this year’s AGM to take place.
The Bill, together with the memorandum on its objects was published in Government Gazette No. 33156 of 3 May 2010.
The provisions of that Bill and the fact that it has not been promulgated into law means the AGM cannot take place at this time.
Shareholders have been warned that its no feasible nor appropriate to hold the AGM within the prescribed period of 6 months from the Bank's financial year end.
Finance Minister Pravin Gordhan has amended the provions of regulation 16 allowing the AGM to be held later than six months before the end of the financial year, on December 8th 2010.
The notice says shareholders will be given formal notice of the date and time of the meeting.
But the SARB annual report will be available to shareholders by 30th of September 2010.
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