FANews
FANews
RELATED CATEGORIES

Old Mutual confirms court papers opposing Peter Moyo’s application to be filed next week

09 July 2019 Old Mutual

Old Mutual confirms it intends to file papers opposing the application by former CEO Peter Moyo to be reinstated, amongst other things, next week.

While Old Mutual generally does not respond publicly to allegations made in court papers, it is a matter of concern that Mr Moyo and his legal team appear to be following a deliberate strategy of attempting to divert attention from Mr Moyo’s own actions. This strategy has included casting aspersions on other directors of Old Mutual by making false and unwarranted allegations directed, in particular, at the Board Chair.

Old Mutual looks forward to delivering a full response to Mr Moyo’s allegations in Court on July 16 and is confident in the outcome.

The suggestion by Mr Moyo, also reported in the media, that the Old Mutual non-executive directors are under the sway of the Board Chair, and were incapable of exercising independent judgement in reaching the conclusion that there has been a breakdown in trust and confidence in Mr Moyo is totally without foundation. This is not only deeply disrespectful to the women and men of high standing, business experience and integrity who make up the Board of Old Mutual, but also regrettable and unfortunate. Their track records as business executives, as leaders and directors of companies is unquestionable.

As a responsible business and a leader in the financial services industry, Old Mutual has fully embraced the philosophy and principles of transformation and nothing changes in this regard. It is, indeed, built into our DNA, rather than the approach of one person, and includes securing long-term stability and growth for our company and our sector; enhancing economic growth outlook; creating a diverse work force; and ensuring that our empowerment activities add value and contribute sustainably to the Transformation agenda of our organisation and our society.

The interests of our stakeholders remains paramount and thanks to strong leadership continuity, the company and its employees are firmly focused on driving exceptional customer experiences for clients who partner with Old Mutual to build their financial future. Our business has not been affected by Mr Moyo’s unfounded allegations and all of Old Mutual’s commitments to deliver on the transformation agenda remain on track.

Quick Polls

QUESTION

Is 30 the new 65?

ANSWER

Yes, it is becoming inevitable that retirees need to save for a 30 year time horizon when it comes to retirement
No, why change a model that has been working for many years
At least if a retiree reinvests their pot of cash compound interest will resolve the longevity problem
A E fanews magazine
FAnews August 2019 Get the latest issue of FAnews

This month's headlines

Create designer policies through AI
Are advisers in a precarious position?
A claim, COIDA and a dog bite
Non-disclosure never an innocent fraud
Prescribed assets: The threat to pensions
Cannabis and the issue of trust
Getting the most from disability claims
Subscribe now