Policy aims to align with JSE's listings requirements and ensures robust disclosure processes, says the group
MTN, Africa’s largest mobile operator, has revised its policy on share dealing and insider trading to make it harder for employees to contravene the Financial Markets Act.
“Following the approval of the revised policy in 2021, in 2022 we implemented it. It included a provision that prohibits employees from trading in securities in what is termed a ‘cooling-off period’. This cooling-off period is 14 business days prior to the closed period and extends to five business days following the release of the company’s financial results,” the group said.
To strengthen its governance, said MTN, it was identifying a competent individual with fintech and digital capabilities to add to its board. “Given the nature of the expertise and its significance to the business, identifying the correct individual is critical.” One of the suggestions by IMD was that MTN build a more systematic way to monitor strategy execution, with a strong focus on strategic alignment among the group board and the subsidiary boards. The group said it had made headway in this regard.
Mbeki receives $150,000 in annual fees to chair the body, while the other four members get $100,000 for their efforts. MTN in its annual report released on Wednesday said the term of the IAB is coming to an end and is expected to have its final close-out meeting in July.
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