Smile please! It’s the Lonmin AGM!

Report on the AGM of Lonmin plc, held at the Lincoln Centre, Lincoln’s Inn Fields, London, on 15 March 2018

by Richard Solly, Co-ordinator, London Mining Network

You may wonder why anyone should be asked to smile at the AGM of a company so closely connected in the public mind with the massacre of mine workers at Marikana in South Africa on 16 August 2012, but for one of the company’s shareholders the fact that the directors were not smiling at shareholders seemed more important than the massacre. You can read more about her remarks in the report below.

London Mining Network worked with student organisation Decolonising Environmentalism, ethical investment association Ethical Shareholders Germany, solidarity organisation Marikana Miners Solidarity Campaign and LMN member group War on Want, to host a visit to London by representatives of the community at Marikana so that they could attend the Lonmin AGM. Thumeka Magwangqana is a civil rights activist and head of the women’s organisation Sikhale Sonke (We cry together). Andries Nkome is a lawyer who has represented 279 injured and arrested Marikana mineworkers. Right Reverend Johannes Seoka is a former Anglican Bishop of Pretoria and Chairman of the Benchmarks Foundation, and has accompanied workers and their families at Marikana.

Company Chairman Brian Beamish arrived at the event in an ordinary taxi rather than a limousine, so perhaps the company really is as hard up as it says it is; though the company was still raking in the cash when the workers went on strike for decent pay in 2012.

Before and during the AGM there was a demonstration outside in the street, first of all involving a samba band, then speeches from the South African visitors and lawyer Jim Nichol, then a reading out of the names of the miners murdered close to Lonmin’s Marikana platinum mine in South Africa on 16 August 2012. When the South African delegation went in to the AGM, the demonstration continued with samba music and loud chanting.

Chairman’s speech

Inside, Company Chairman Brian Beamish began proceedings by helpfully pointing out that the AGM had been postponed from January. We were well aware of that.

He then introduced the new directors – but not to the extent that one might feel genuinely familiar with them.

Then he moved on to the proposed take over of the company by Sibanye-Stillwater, a South African based mining company with US connections. He said that Lonmin had announced the all-share offer but that this AGM was not the forum to discuss or approve the transaction. Regulations governing such transactions are very strict, he said, and restrict what the company could say. He asked that shareholders defer any detailed questions on the takeover until an Extraordinary Meeting which would be convened later in the year to discuss the matter. He said that the board believes the offer is in the best interests of shareholders and other stakeholders. It would create a larger and more geographically diverse company which is better able to take advantage of opportunities. Lonmin would be part of a bigger and more diversified precious metals group that would bring advantages to both Lonmin and Sibanye-Stillwater. An application had been filed with the competition authorities earlier in the week.

He said that the board was running the company with the aim of maintaining the ‘cash neutral’ status achieved over the previous nine months. The value of the company’s net assets is now less than half of the company’s total share capital, and the directors are therefore obliged to convene a General Meeting to consider what steps should be taken. However, in the light of the Sibanye-Stillwater offer announced on 14 December last year, which presents the company with a solution, the board did not think it necessary to submit a resolution to the AGM. [This sounded dodgy to me, but I did not understand the legal point sufficiently to attempt a challenge.]

The Chairman said that “the safety of our colleagues is of the highest priority.” [I thought that this had perhaps not been the case on 16 August 2012.] There had been five fatal injuries during the last financial year. Zero harm is nonetheless achievable. Lonmin remains determined to improve its overall safety performance. The last nine months had been fatality free and the injury rate continues to improve.

He added that mining operations had performed well over the last three quarters, compensating for a poor first quarter. Production was broadly flat.

The Chairman then called for questions but said that because of the negotiations with Sibanye-Stillwater the company may not be able to answer all of them.

Water

One shareholder said that Cape Town had recently been hit badly by water shortages. How had that affected Lonmin’s mining operations and how is the company disposing of waste so that it does not affect the climate, bearing in mind David Attenborough’s recent report? [I assumed that the shareholder was referring to David Attenborough’s television documentary series on the world’s oceans.]

Brian Beamish replied that although water availability is a matter of great importance across South Africa, Lonmin’s operations are located over 1,000 kilometres from Cape Town and the shortage there had no effect on the company’s operations. The biggest source of waste at the mine is from the underground operations, and waste is disposed of after milling by covering it in water and retaining it in tailings facilities. Waste water is recycled.

Killing the goose that lays the golden egg?

Another shareholder – the same Miss Arbuthnot who criticised Bishop Jo Seoka at last year’s AGM – said that there are people who for some reason want to kill the goose that lays the golden egg. If the Bishop [Bishop Jo Seoka, who had not spoken at that point] wanted to co-operate with the company rather than work against it, it would help. She asked why no spokesperson for the company had appeared on BBC’s The World Tonight radio programme the previous evening to respond to a ‘speaker from the opposition’ who was interviewed [she was referring to Thumeka]. (Hear the four minute article at minute 31 of The World Tonight.)

Brian Beamish replied that he did not know that there had been an interview on The World Tonight.

Thumeka Magwangqana said:

“My name is Thumeka Magwangqana. I am a South African civil rights activist and chairperson of the women’s organization Sikhala Sonke from Marikana. Sikhala Sonke means “We cry together”. Since the massacre of 16 August 2012, Sikhala Sonke campaigns for better working and living conditions in the mining affected communities.

“Ladies and Gentleman! I took the long way from the informal settlement of Marikana which lies in the heart of the South African Platinum Belt to London. I made this effort to speak to you at the Lonmin Annual General Meeting. I really do hope that you, the board, the management and the shareholders of Lonmin, listen carefully.

“In 2012, our husbands went on strike, asking for an increase of their wages. They were sitting on the mountain in Wonderkop, waiting for their mine management to respond to their plea.

“But instead of them to come, the police came. We were amazed to see the police coming to our place in large numbers. And we heard that a senior ruling party member and a shareholder of Lonmin [this referred to Cyril Ramaphosa, now the leader of the ruling ANC and the President of South Africa] at the time influenced the police decision to characterise the labour dispute as a criminal action and that the police must deal with our husbands as if they dealt with criminals so that they can be killed. The police had the order to end the strike by any means. So to speak: they did it on purpose, it was already organized, that our fellow brothers should be killed. They were shot at with live ammunition, as if they were criminals.

“I did not know that asking for a pay raise is a crime in a post-apartheid South Africa
led by the African National Congress. Why is our black brothers’ blood so cheap? Our brothers’ blood is cheaper than the money they were fighting for. You can’t replace the life of a person with money.

“Ladies and Gentleman, the management of the mine, Lonmin, is also accountable for what has happened in Marikana. And you, the shareholders of the third largest platinum mining company in the world, should not look aside.

“I can’t believe that five and a half years after the massacre, there is no one held accountable, neither politicians, the police nor the management of Lonmin.

“I don´t understand that none of the victims have been compensated. No reparations were paid to the widows and to the injured mine workers. The Commission of Inquiry was not appropriate.

“We never thought that such a bloodshed could happen under a black president. We never thought that such killings could occur in South Africa since democracy was introduced. How is it possible that politicians remain in power although they have blood on their hands?

“There is no change in Marikana. The people are living in shacks that are leaking, there is no sanitation, no running water, no electricity. And there are no roads. Where is the better life for all? All we have is gender-based violence, domestic violence, rapes; the situation is very bad; also the poverty is driving these things to happen.

“Mr Beamish and Mr Magara, I have to add some demands and questions to the ones of the Bishop [at this stage, Bishop Jo Seoka was yet to speak].

“1. Will Lonmin take responsibility for the environmental destruction at Marikana?

“2. What measures will Lonmin take to ensure that people in the communities around the mine have sufficient water, proper sanitation and electricity?

“3. What measures will Lonmin take to guarantee livelihoods for the workers if a takeover by Sibanye-Stillwater occurs?

“4. We also demand that money will be set aside in the purchase price of Lonmin to assist with financing sustainable developmental projects, with independent problem-solving mechanisms and counselling. This shall not be limited to Sikhala Sonke.

“Ladies and Gentlemen, people of the board and management of Lonmin, when I get home to Marikana, to my community, to the workers and their families, I wish that I can bring them good news. I want to tell them: ‘Those shareholders in the United Kingdom do care about you.’ Please, don’t let me return with empty hands. Amandla! Awethu! Power – to the People!”

Brian Beamish thanked Thumeka for being so clear. He said that he believed that everyone in South Africa, including Lonmin, very much regrets “what happened at Marikana in 2012”. There had been violence for some time before the day when police shot 34 people. Ten people had died in the violence and the company had been forced to turn to the South African Police Service (SAPS) to control the violence. SAPS supported the company because the company could do nothing other than turn to the police in these circumstances. But on 16 August 2012 it had all gone very wrong and Lonmin as a company had co-operated fully from that day with investigations of the events, including with the Farlam Commission. Lonmin had ensured straight away that the children of the bereaved families had education. The company set up a trust and funded it entirely, educating 141 children of the families affected. Lonmin covers all their school and boarding costs. It had also offered employment to each family where a breadwinner had died and ensured that statutory payments were made to families where the breadwinner had died. The company put a huge amount of resource into the community to improve the situation of people living there. The company had limited resources and had had to turn to shareholders three times in the last ten years for rights issues. Despite that, and despite raising nearly 1.7 billion dollars in rights issues, the company had only given back 60 million dollars to shareholders and had continued to do its best to help communities with the limited resources it had. The pamphlet that shareholders had been given explains it, he said. The company was helping with health care, ambulances and housing, despite the fact that the company had not been profitable. It was committed to spending 500 million rand and building 1,240 apartments. These would all be completed on time. The company had converted miners’ hostels into 2,764 living units. “We all feel for the way communities live around our operations,” he said, but the company could not fix it on their own: this is a joint effort. The company could only do so much, helping people buy houses, give financial training so people could handle their money and look after themselves better. “I hope you will understand,” he said, “that with the limited resources we have we help people in communities not because we have to but because we want to.”

Bishop Jo Seoka, former Anglican Bishop of Pretoria and Chairman of the Benchmarks Foundation, spoke further about the 2012 massacre at Marikana and the company’s response. He said: “I was here last year to plead with you to do good, without admitting any guilt, but to ensure that people feel you are doing something that shows that something horrible did happen and that you not only regret it but feel remorse. We asked that the company come and apologise to the people. Mr Magara has apologised but this was a personal apology. People want to hear the company that collaborated with the state to take people’s lives admit that if they had not done so, the massacre would not have happened. Our delegation represents the injured, arrested and bereaved. The situation has not changed that much. We need you to do something more tangible. One thing was a monument. We asked that you please do a wider consultation where we talk as community stakeholders, including the Bapo people, about what would show that the dead are not forgotten. We have not had that opportunity. The company has not provided the opportunity to talk together about this commemorative structure. I ask and demand that you actually implement your Social and Labour Plan (SLP) fully and make the houses that look very beautiful actually affordable. Can workers afford to live there? They cannot. They are lovely but the workers are not in those apartments because they are suitable for people who earn more than 12,500 rand [the monthly pay rate for many of the mine workers at Marikana]. I hear you have done so much in spending money but you go on to talk of financial difficulties. In 2011 and 2012 you paid out to your shareholders. There were good times. What did you do with the money? People are very concerned, even traumatised by the news of the Sibanye Stillwater takeover. If Lonmin is sold to Sibanye Stillwater the new ownership must take responsibility for a Commission and finance the legal process, because testimony at the Farlam Commission showed that there was political influence in the shooting and recently a former policeman admitted shooting unarmed workers who were pleading for protection. For the first time in five and a half years senior police people are appearing before magistrates at Rustenberg to account for what they were doing. Do something tangible. The things we are asking of you are not difficult. Ben said he would work with us but has not done so and I don’t understand why. If change does not happen we will continue coming.” Bishop Jo then referred to the ‘parable of the unjust judge and the insistent widow’ in the Bible. The judge does not care about justice but the widow is so insistent on obtaining justice that in the end he gives her justice so that her insistence will not worry him to death. Bishop Jo concluded, “We are just asking for justice.”

Brian Beamish said, “Like all South Africans we regret what happened at Marikana that day.” But the company “did not collaborate with the police. We called the police in to deal with a dangerous situation but we did not collaborate with the police. We work hard to comply with the SLP and the promises we made in that, and housing is part of it. The accommodation that we provided is all fully occupied.” He said that the company pays workers a living-out allowance of 2,100 rand per month to allow them to find somewhere to live. “The cost of the units is 900 rand,” he said, “so the accusation that they are unaffordable is clearly false.” He said that the units are very comfortable. “We have done what we can with the resources we have to provide decent accommodation to 1,240 people by the end of this year,” he said. “We did a detailed survey of what kind of accommodation our employees would like to live in. The conclusion was that over 60% would like to improve accommodation near the mine and 37% want to improve accommodation in their home area. So there is a need for rental accommodation at the mine and we are doing our best to facilitate it. We are working to provide the specific housing desires of our employees and that will be part of the new SLP, and that will continue whoever owns the company. We have put in a lot of effort to providing housing for employees and this will be built into the next generation of our SLP.” The company had involved the Department of Human Settlement, local municipalities and others to make this happen and had a sustainable way of improving the living conditions around its operations. Regarding the memorial, the company had developed a proposal for a memorial, he said, “because we feel it is right to have something to honour people who lost their lives that day.” The memorial is to develop in stages and there may be a mining museum on the site so that it will be a real monument to the area. The company would fully consult all stakeholders, change its plans accordingly and then announce a memorial and a time frame for completing it. It would be “a green monument”.

Andries Nkome, an attorney from Nkome and Company Incorporated, said that he was at the AGM on behalf of ethical shareholders. He had been the first attorney to arrive in Marikana after the massacre in 2012 and he had offered his services to those affected by it. He was still representing these people. He said he wanted to make three demands of the Lonmin board. The Nkome legal team had exposed communications between senior members of Lonmin and the police in which they had characterised the 2012 labour dispute as “a dastardly criminal act that must be met with committed action”. This comment had been made by Cyril Ramaphosa, who at that time was a major shareholder [and indeed a director] of Lonmin so it cannot be that the state was not co-ordinating with Lonmin to kill workers, Andries said. Ramaphosa had apologised, but only for his ‘use of unfortunate words’. “I am asking that Lonmin apologise for causing deaths and injuries,” Andries went on. “We want an apology and reparations for those injured and arrested. The State has started negotiations for reparations for the people we represent and we demand that Lonmin do the same. We also demand that the reparations cover the psychological damage and emotional trauma that all the people who witnessed the killings and injuries suffered.” Andries also said that there was now a police officer who had given testimony to the Farlam Commission who was saying that the massacre would not have happened without political influence. There was also now a new witness saying the same thing, insisting that the evidence given to the Farlam Commission was not complete. Would Lonmin support the call for a review of the findings of the Farlam Commission?

Brian Beamish replied that by the time the events happened on 16 August 2012, ten people had died in the week before, so to imply that there was no criminal activity is not correct. Ten people had already died because of inter-union rivalry, and that is why Lonmin had to turn to the South African Police Service (SAPS) to provide policing in the area. The police did not just arrive and shoot 34 miners. “I have said over and over that we regret what happened,” he said. “We supported the Farlam Commission and co-operated and provided evidence.” The Farlam Commission had concluded that responsibility for what happened was shared by the police, trade unions AMCU and NUM, employees’ behaviour and Lonmin. It was a cocktail that led to things going wrong. It was not fair to single Lonmin out as the only group that did wrong. “We regret what happened that day. To imply that we were the cause or that we collaborated in making it happen is absolutely misleading. We did not wait for time to pass but we have actively looked after families as best we can with education, income and getting statutory payments and then pay raises above the inflation rate and uplifting communities around our operations. In terms of political influence we as a company will support any legal process that will get any more facts on the table, so we will be co-operating with the authorities in any way that we need to.” He then asked, “Can we now move off Marikana and on to other issues? We have heard a lot from people and have assured shareholders of our good will.”

Markus Dufner of the Association of Ethical Shareholders Germany, said:

“My name is Markus Dufner. I work for the Association of Ethical Shareholders Germany. We co-operate with the international network Plough Back the Fruits and the London Mining Network. The South African groups Khulumani Support Group, Sikhale Sonke and the Bench Marks Foundations are also part of our campaign network. We already came to London in 2017 to speak to investors of Lonmin and then at the Lonmin Annual General Meeting. I am happy that I can speak to you today.

“I will focus on the following topic:

BASF and Lonmin – a close relationship

“BASF is a German company which has become a global player. In fact BASF is the world’s largest chemical company that has a long-standing business relationship with Lonmin.

“Every year BASF purchases platinum, palladium and rhodium worth 600 million euros. This makes BASF Lonmin’s most important customer.

“The metals used at BASF mainly in the production of catalysts for the automotive industry. An important BASF customer is Volkswagen. BASF produces the catalysts at its plants in Germany.

Supply chain responsibility

“It’s important that we have a close look upon the supply chain. Being part of the supply chain means that a company has to take responsibility.

“Where do the minerals or metals come from? Under what circumstances do miners work in the shafts? Are they safe? Does the company pay the workers a living wage? Are the workers allowed to join a union?

“Does the union fight for the workers interests? Under what circumstances do the miners and their families live?

Audits

“BASF says that the company: ‘… has routinely engaged with Lonmin’s operational, commercial and executive teams and conducted periodic site visits to Lonmin’s operations to ensure an understanding of its processes and compliance with BASF’s commitment to environmental and social performance.’

“Furthermore, BASF considers audits ‘a key tool in the effort to make our sites and plants even safer.’

“’The key categories of audit assessment included: Environment, Health & Safety; Labour and Human Rights; Management; and Governance. While the audit noted room for improvement, primarily in the areas of environment and safety, there were no critical findings of Lonmin’s governance, human rights or labour practices nor any performance violations that prevented BASF’s continuation of its relationship with Lonmin. In response to the audit findings, BASF is taking further steps in providing active knowledge sharing with Lonmin in areas which are comparable to the chemical industry. For example: providing support to help improve the mining company’s fire-fighting capabilities, while also sharing best practices on enhancing community grievance procedures.’

“Plough Back the Fruits and Ethical Shareholders think that this is not enough. BASF showed us only a small part of the audits. We demand that BASF has to publish the entire text of the audits. But they say that they can’t because the audit would belong to Transparency for Sustainability. How funny: TfS was co-founded by BASF. If BASF would order TfS to publish the entire audit, TfS would have to do that.

“And how about you, Mr Beamish and Mr Magara? Do you have objections that we can get the entire text of the audit?

“I was participating in a conference call on 27 February 2018 where BASF CEO Kurt Bock presented the company´s full year results. The answers to the questions I raised were not satisfactory.

“As BASF generally does not comment on business decisions made by other companies – not even of their platinum supplier Lonmin – I have to ask you, Mr Beamish and Mr Magara.

“First question:

“1. Sibanye-Stillwater’s CEO, Neil Froneman, has announced that his company can NOT be put under pressure in terms of fulfilling the legal obligations (Social Labour Plan) regarding the population (e.g. adequate housing, etc.). It looks as if Sibanye-Stillwater tries to continue its catastrophic policy against its workers!

“a. How will you deal with this new situation? BASF does not comment on speculative scenarios. BASF expects its suppliers to fully comply with applicable laws and to adhere to internationally recognized environmental, social and corporate governance standards.

“b: Will BASF put pressure on Sibanye-Stillwater to publish and comply with its Social and Labour Plan? ‘BASF expects its suppliers to fully comply with applicable laws and to adhere to internationally recognized environmental, social and corporate governance standards. Furthermore, BASF demands from its suppliers to ensure the same and to replicate this with their subcontractors and suppliers along the whole value chain.’

“c: Will BASF maintain compliance with human rights standards as a key clause when dealing with Sibanye Stillwater (unlike Lonmin, where it obviously did not matter)? ‘BASF expects its suppliers to fully comply with applicable laws and to adhere to internationally recognized environmental, social and corporate governance standards. Furthermore, BASF demands from its suppliers to ensure the same and to replicate this with their subcontractors and suppliers along the whole value chain.’

“d: Which (further) measures are planned by BASF to prevent this, or to ensure that the human rights-violating conditions under which the workers live have to change as quickly as possible? ‘If we identify potential for improvement, we support suppliers in developing measures to fulfil our standards. We conduct another review according to a defined time-frame based on the sustainability risk measured. If the weak points discovered were particularly severe and we are unable to confirm any improvement, we reserve the right to terminate the business relationship.’

“e: If measures are planned: How do they ensure that they – unlike previous audits – become transparent – for the workers themselves as well as local and international control bodies and NGOs? ‘BASF does not comment on speculative scenarios. BASF expects its suppliers to fully comply with applicable laws and to adhere to internationally recognized environmental, social and corporate governance standards. We respect the confidentiality of the audit reports. Nevertheless, we have been transparent about planned and implemented measures (see our Website for more information) with regard to Lonmin and Marikana. Additionally, our dialogue with various stakeholders, such as NGOs, trade unions in Marikana, mining companies, human rights experts and the South African Chamber of Mines contributes effectively to transparency about our commitment and collaboration with Lonmin.’

“2. Sibanye-Stillwater has announced the company will dismiss up to 12,000 workers in the next few years. What is BASF’s position on this statement and what do you know about it? ‘Please understand that BASF generally does not comment on speculative scenarios and business decisions made by other companies.’

“3. What was the business volume between Lonmin and BASF in the fiscal year 2017? ‘Please understand that we generally do not comment on business volumes due to competitive reasons.’

“4. What was the business volume between Anglo Platinum and BASF in the fiscal year 2017? ‘Please understand that we generally do not comment on business volumes due to competitive reasons.’”

Markus finished his remarks by calling, “Amandla! Awethu! Power! To the People!”

Brian Beamish replied that BASF is a very important customer and they do purchase a large portion of Lonmin’s metals. Lonmin had a long relationship with BASF. It has been very demanding client and has taken a lot of interest in where their metal comes from and how Lonmin mines, the way Lonmin manages its operations, its social and environmental track record, and BASF has undertaken audits and reviews. Clients like BASF are useful as it is good to have a client that does care. “I cannot talk for Mr Froneman,” said Brian Beamish, “but it is important to understand that the obligations we are undertaking, the SLP, they all go with the company and are legal and binding commitments and Sibanye-Stillwater will inherit those binding commitments. In our discussions Mr Froneman has been fully on board with this and keen to pursue it. Our interaction has been positive and the commitments in our SLP as Lonmin go with the company and are binding commitments. Regarding audits, people do not generally publish audits. The review was undertaken by BASF and not something that we have control of.” Regarding the size of commercial activity, Brian Beamish said that the company does not normally disclose all details in its statements but that there had been a long-standing arrangement and that the amount Markus had quoted was broadly correct.

Production figures

Paul Etheridge, a private shareholder, asked about production figures. The first quarter of 2017 was poorer than expected and then improved. How was the company producing in the current quarter? Regarding banking covenants: these have cost shareholders dearly in terms of the wipe-out of equity. “I fully supported the rights issue,” he said, “and the company does not seem to be able to operate in a cash-flow positive way.”

Brian Beamish said that the second quarter was only just finishing so it was difficult to know what to say, but production had been in line with the company’s expectation. The last four quarters had been good and had met expectations. Production was expected to fall as generation 1 shafts were closed but generation 2 shafts were “ramping up nicely”. Regarding banking covenants, banks look after their shareholders and are lending money to Lonmin under commercial terms. They are protected by covenants which have been unhelpful to Lonmin as a company. The basic reason is not the banks’ fault or management’s fault. The Platinum Group Metals industry was in an unprecedentedly tough period. Before joining Lonmin, Brian Beamish had been involved with Anglo Platinum. Going back six or seven years all commentators were forecasting prices of 1200 to 2000 dollars an ounce and the industry geared up for growth, but fuel cell technology involving platinum did not take off. There was an oversupply of metal and a consequent low metal price for seven years, in defiance of all expectations. All Lonmin’s revenues were in dollars and all costs in rand, so the strong rand cuts its margins. The industry is going througn adjustment and would get back into balance in the years ahead, but the banks have covenants to protect their shareholders, though it is not the banks’ fault.

Links between Lonmin, the Guptas and ex-President Zuma?

Kevin Moran, another shareholder, asked: “Could you confirm or deny that the company has had connections with the Gupta family and ex-President Zuma?”

Brian Beamish said that he was unaware of any interaction with the Gupta family or any business relationships with ex-President Zuma.

Electing directors, and other business

The Chairman then moved on to the formal business of the meeting, offering to talk further to shareholders after the meeting.

Election of directors followed. Brian Beamish announced that Dr Komar had stepped down from the board and that the resolution proposing his election was therefore being withdrawn. No explanation was given for his stepping down, and nobody asked why. Perhaps he had simply noted the way the wind was blowing.

During the election of the directors, one elderly and long-standing shareholder demanded that directors should indicate who they were and smile when proposed for election or re-election. She also complained that board members should have greeted shareholders when they came up the steps to the building for the AGM and were being ‘intimidated’ by the protesters’ drumming. From then on, the directors all put up their hands and smiled (with varying degrees of broadness) when proposed. It is interesting to see the priorities of other shareholders. Perhaps directors should rather have been asked to lament the deaths of the Marikana mine workers and the sufferings of the community.

All resolutions were, of course, carried.

, , ,

Comments are closed.

Powered by WordPress. Designed by Woo Themes