JSE-listed telecommunications giant MTN Group has established an international advisory board (IAB), led by political and business heavyweights.
The group also plans on effecting an “evolution of the board”, with former Finance Minister Mcebisi Jonas appointed chairperson designate, as it enters a more stable and settled phase after years of challenging regulatory environments and highly competitive trading conditions.
The IAB, set to start on July 1, will be chaired by former South African President Thabo Mbeki.
Former Ghana President John Kufuor; former African Union political affairs commissioner Dr Aisha Abdullahi; former International Atomic Energy Agency director-general Dr Mohammed ElBaradei; Total (France) marketing and services president Dr Momar Nguer; and MTN Group outgoing chairperson Phuthuma Nhleko form part of the IAB.
“[The board] will counsel, guide and support the MTN Group from time to time in fulfilling its vision and objective of being one of the premier African corporations with a global footprint in telecommunications, contributing to increased digital inclusion in Africa and the Middle East, a pivotal aspect of the fourth industrial revolution,” the group said in a statement issued to shareholders on Friday.
The IAB will be non-statutory in nature and will not have any fiduciary responsibility.
Meanwhile, Jonas is succeeding Nhleko as MTN Group chairperson effective December 15.
Nhleko, who was anticipated to step down at the upcoming May 23 annual general meeting, will step down in December after overseeing an orderly transition of the board that includes the establishment of the IAB.
In addition, Dr Khotso Mokhele will assume the responsibility of lead independent director, while Alan Harper, Jeff Van Rooyen and Koosum Kaylan will step down from the board on December 15, after an orderly transition and handover to incoming directors.
Peter Mageza and Dawn Marole will step down from the board effective April 30, 2020, and Lamido Sanusi and Vincent Rague have been appointed to the board effective July 1, 2019.
“We are confident that the incoming directors will bring a wealth of experience, diversity of skills and geographical regional experience to the board,” the group concluded.