Investec shareholders show strong opposition to reappointment of KPMG as company auditor

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Over a fifth of shareholder votes were casted against the reappointment of KPMG as joint auditor of Investec Ltd, the dual listed company’s South African unit. KPMG have audited Investec for 25 years, and investors have raised concerns over the length of tenure. The reappointment of Ernst & Young (EY), who have audited the company for 44 years, also received opposition as more than 16 percent of the votes were cast against. The reappointment of EY as auditor of Investec plc, the London traded entity, received more than 12 percent of votes against. Some shareholders also opposed the pay of the group’s executives, as more than 18 percent of votes were cast against the directors’ remuneration report.

The Financial Times, Jennifer Thompson, 9th August 2019