Standard Bank Group announces that Jacko Maree, Geraldine Fraser-Moleketi and Nomgando Matyumza, having served on the boards for longer than nine years, would retire as directors at the conclusion of the SBSA and SBG Annual General Meetings (AGMs) scheduled to be held on May 21, 2026 and June 8, 2026 respectively. Consequently, they would step down from the board committees they serve on at the conclusion of the AGMs. In addition, Standard Bank Group announces that Lwazi Bam has been offered an executive position outside of the Group, and will not have sufficient capacity to continue to serve as a non-executive director of SBG and SBSA after he assumes the external executive role. He will therefore not make himself available for re-election as a non-executive director on the boards of SBSA and SBG at the upcoming AGMs of the respective companies and accordingly, he will resign from the boards with effect from May 21, 2026 and June 8, 2026 respectively.
Consequently, he will also step down from the board committees that he serves on, and as lead independent director, at the conclusion of the AGMs. The PA has formally approved the reinstatement of Trix Kennealy's independence classification for a period of 24 months, subject to the boards' annual review and confirmation of her classification as an independent non-executive director. To ensure continuity and a balance of independence on the board, and having noted that Trix Kennealy meets the criteria for director independence as set out in the King V Code of Corporate Governance and in SARB Directive 1 of 2026, the board resolved that the following changes would take effect: Reclassification of Trix Kennealy as an independent non-executive director with effect from April 24, 2026. Appointment of Trix Kennealy as chairman of the Group Remuneration Committee and as a member of the Group and SBSA Directors' Affairs Committees, with effect from the conclusion of the Group's 2026 AGM.
