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| SENIOR CHAIRMAN'S STATEMENT (continued) |
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| Brait was voted the best African Private |
| Equity manager |
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| The board |
Our value driver is reflected in our partnership approach from which base we adopt a fair, positive and enduring relationship with our stakeholders. Brait, as a European company, has complied with best corporate practice in Europe, the United Kingdom and South Africa.
Critical stakeholders in Brait are its private equity fund investors. In light of the leadership change in Brait, following the appointment of John Coulter as the group's new Chief Executive Officer during the period under review, these investors requested that Antony Ball and John Gnodde hold senior positions in the group, even though their principal operational roles would remain in Brait's private equity business. Having regard to this requirement, the board deemed it to be in the best interests of the group to appoint Anthony Ball and John Gnodde to positions where they continue to be seen to operate as leaders in the group, being an important criteria for our fund investor stakeholders. Anthony Ball became Executive Chairman and continues to chair the Brait Private Equity board, whilst playing an active role in the strategic oversight of Brait. John Gnodde became Executive Deputy Chairman and continues to act as CEO of Brait Private Equity. In order to ensure that independent non-executive oversight of the board continues, I became the Senior Chairman of the group and, in this role, continue to chair the board and the remuneration committee, sit on the audit and risk committee, act as the link between the board and management and as a direct link with the shareowner base of the group.
As part of its evaluation process the board will, however, review its structure. |
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| Dividend |
| The group's balance sheet is strong and earnings from operations have
increased materially. In light of this the board resolved to recommend a
final dividend of 10,39 US cents per share to shareowners. This, together
with the interim dividend, will result in a total annual dividend of 18,24 US
cents per share, if approved at the 2006 annual general meeting. |
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| The year ahead |
| Brait will continue to focus on its core businesses and to explore
exciting new business opportunities. The prospect of significant new
capital from Brait IV, together with increased inflows to Specialised
Funds, indicates that earnings growth and equity returns will improve
in the year ahead. |
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| In appreciation |
| I record both my and the board's appreciation of the executive
management's dedication and performance during the year under
review. I thank my board members for their contributions and express
my appreciation to staff for their efforts. In addition, my appreciation is
extended to our strategic partners, investors, shareowners and other
stakeholders for their continued support of the group. |
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| Mervyn E King |
| 19 June 2006 |
| Senior Chairman |
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