7th Feb 2020 13:24
(Alliance News) - Investec PLC on Friday said it will rotate its joint-audit firms, effective as early as March 2021 after 20% of shareholders last August rejected a vote to re-appoint KPMG Inc.
At the meeting in London, 20% of shareholders voted against resolution 21, which proposed the reappointment of the professional services firm as a joint auditor.
Resolution 20 saw 17% vote against the re-appointment of Ernst & Young Inc as joint auditor.
From the March 2021 year end, one of the company's joint audit firms will be rotated, with the remaining firm rotating roughly two years later, Investec explained.
The company added: "A competitive tender process will be put in place in advance of the rotations allowing for a seamless transition and maintaining audit quality. An update on the process, including the timelines and progress made against the plan, will be elaborated upon further in the 2020 integrated annual report."
On Monday next week, the company will have a general meeting related to the demerger of its asset management business.
The asset management business will be rebranded as Ninety One when the demerger from its banking parent is concluded on March 13. The company said back in September 2018 that it was pursuing the demerger of Investec Asset Management following a strategic review.
Investec PLC shares were 0.3% higher at 440.00 pence each in London on Friday afternoon. Investec Ltd was 0.1% higher at ZAR86.70 in Johannesburg.
By Eric Cunha; [email protected]
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