New directors

During our 12-month review period, ending on 31 May 2023, 128 new board members were appointed to the JSE top 50, representing a 21% renewal rate.
Among newly appointed directors, 59% bring same-sector expertise as that of the company they join. This is slightly more than among tenured directors (57%).
Of the 128 newly appointed directors, 45 (35%) are classified as HDSA (Historically Disadvantaged South Africans).
48% of newly appointed directors are women.
Of the 128 newly appointed board members, 29% are first-time listed company NEDs.
Newly appointed women directors are slightly younger than among other cohorts in South Africa (see table below).

Four new chairs were appointed in the past year. Of the four, two are HDSA and one of these is a woman with an HDSA background. This appointment increased the number of female chairs to seven, from six.
Following these appointments, 44% of chairs are HDSA.

Among the 14 new executive directors appointed in the past year, eight were CEOs, one of whom is female and six were CFOs (and of these six CFOs, two are female).
Of the 39 companies whose CFO sits on the board, six of those CFOs were appointed in the past year. In this group, two new CFOs are foreign women, two are foreign men and two are non-HDSA males. Most of these six new CFO appointments are external hires.