Shareholders approve BEE Deals
Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today held its AGM and a subsequent general meeting to vote on the black economic empowerment transactions, detailed in a statement on 5 August 2010.
All the resolutions listed in the 2010 Annual Report were approved by the AGM. The BEE transactions were approved at the general meeting by an overwhelming majority of 99.8% of the 85% of shareholders who voted.
The transactions, which are still subject to a number of other suspensive conditions, will enable Gold Fields to meet its 2014 BEE ownership commitments and should be completed before the end of 2010.
Gold Fields new chair, Dr Mamphela Ramphele, who took over the role from Alan Wright at the conclusion of today's AGM, said in her remarks that the BEE deals approved today "set a benchmark for the nature and structuring of empowerment transactions.
"With the approval of these transactions, the shareholders of Gold Fields have ensured that South African employees of Gold Fields will also be shareholders of this company. This is now their company and the future of Gold Fields is their future, not only as employees, but also as co-owners," Dr Ramphele said.
This article was originally posted on Africa Oil & Mining Network