Standard Bank chair retires | Fin24

Thulani Gcabashe. Photo: Standard Bank

Standard Bank Group says Thulani Gcabashe will retire as its chairman and director of its board in the upcoming AGM on 31 May.

Gcabashe has been the chairman of the Standard Bank Group and Standard Bank SA boards since May 2015. He has served as a director on both boards for 19 years.

“The boards wish to express deep appreciation to Thulani for his exemplary leadership, stewardship and dedication to the Standard Bank Group during his tenure and wish him all the success in his future endeavours,” said the bank in a short statement.

Investors who hold almost a third of Standard Bank shares (32.37%) voted against the re-election of Gcabashe at the 2021 AGM.

At the time, shareholder activist group Just Share said it would be interesting to see when asset managers release their voting records whether the “unusually high level of votes” against the re-election of a sitting chair had anything to do with shareholders’ dissatisfaction with Standard Bank’s handling of climate risk.

Environmental activists and other shareholders have been criticising Standard Bank’s decisions to finance or advise on the transactions of fossil fuel projects. At the past few AGMs, Gcabashe and Standard Bank CEO Sim Tshabalala have had to step in to prevent the meetings from descending into chaos as activists took over with their relentless questions.

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