HCI shareholders challenge executive pay at AGM

Hosken Consolidated Investments Limited (HCI) held its annual general meeting on August 28, 2025. All ordinary and special resolutions received requisite shareholder approval. However, non-binding advisory resolutions numbers 1 and 4, concerning the company's long-term remuneration policy and its implementation report, respectively, did not pass. Resolution 1 was voted against by 26.40% of shares, and Resolution 4 by 25.33%, indicating significant shareholder dissent.

Several ordinary resolutions passed with strong majorities, including the re-election of directors mr. MH Ahmed (97.77% in favor), mr. JG Ngcobo (83.59% in favor), mr. Y Shaik (94.73% in favor), and ms. A Singh (89.43% in favor). The appointment of Forvis Mazars as the auditor also received overwhelming support, with 99.99% of votes in favor.

HCI has extended an invitation to dissenting shareholders regarding the remuneration policy and implementation report to engage with the company secretary by September 19, 2025, for discussions on their concerns. All resolutions were based on a total of 86,088,701 shares in issue, of which 4,892,157 were treasury shares.