Telkom allegedly breaks JSE rules

Telkom could have broken Johannesburg Stock Exchange (JSE) listing rules after it allegedly failed to notify shareholders that two of its directors would retire from the board this month.

The two, Jackie Huntley and Julia Hope, would be retiring after Telkom’s annual general meeting (AGM) on 24 October, according to South Africa’s Business Report newspaper.

Section 3.59 of the JSE listings requirements states that a company must notify the JSE of the retirement of the director “without delay and not later than by the end of the business day following the decision”.

But shareholders reportedly only became aware of this development when they received their AGM notices last week, the newspaper reported.