Latest news with #AGM
Economic Times
13 minutes ago
- Business
- Economic Times
At TCS AGM, AI-led disruption, automation, geopolitics in focus
The world is facing upheavals on multiple fronts—tariffs, wars, and disruption due to artificial intelligence (AI), said Keki Mistry, non-executive and independent director at Tata Consultancy Services (TCS), as he presided over the 30th Annual General Meeting (AGM) of the company. Tata Sons chairman N Chandrasekaran could not chair the meeting due to 'certain exigencies.' 'We are presently engulfed by uncertainty at multiple fronts. The global economic connections are being reconfigured on a daily basis from tariffs to supply chains, wars and conflicts across regions, to the disruption posed by artificial intelligence. The world faces upheaval at several levels,' said the veteran business executive and former CEO of HDFC. The board of directors recommended a final dividend of Rs 30 per share for the fourth quarter, which brings the total annual dividend for the year to Rs 126 per share. TCS' shareholder payout was Rs 45,588 crores with a payout ratio of 94%.Looking ahead, TCS plans to focus on four strategic pillars: establishing a large pool of AI agents working alongside the human workforce, delivering solutions to a human plus AI model, and investing in AI data centres as well as partnerships, Mistry pointed out that the geopolitical landscape has reshaped how global businesses operate—reimagining their systems, processes, and technologies. 'Among all the shifts, it is the potential of generative artificial intelligence that stands apart. Unlike previous technological revolutions, which arrived sequentially across the globe, GenAI is emerging everywhere simultaneously… GenAI is not just another tech cycle. It represents a generational shift.'
New Straits Times
an hour ago
- Business
- New Straits Times
MSM's response to ministry's clarification on new levy on raw sugar
KUALA LUMPUR: MSM Malaysia Holdings Bhd (MSM) welcomes the timely clarification by the Finance Ministry today regarding the sales and service tax (SST) treatment of raw sugar imports. The ministry's statement confirms that while a 5.0 per cent SST will apply to raw sugar, a key input for refined sugar production, refiners may apply for tax exemptions under prescribed conditions. This clarification follows MSM highlighting the potential significant cost pressures arising from the expanded SST regime during its annual general meeting (AGM) on Thursday. The group had said the input cost increases could impact refined sugar pricing, which could push up prices of refined sugar for industrial buyers. MSM, in a statement today, said the ministry's prompt attention to the matter is especially important in the current challenging operating landscape, where retail sugar prices have remained capped at RM2.85 per kilogramme since 2011, despite significant increases in global raw sugar prices in recent years. MSM group chief executive officer Syed Feizal Syed Mohammad said the ministry's confirmation of an exemption application mechanism provides much-needed clarity and flexibility for refiners like MSM. "This enables us to proactively manage input costs and mitigates immediate pressure on refined sugar prices, while continuing to fulfil our role in the national sugar supply chain under the existing retail price framework," he added. The group remains committed to working closely with the government and all stakeholders to ensure minimal disruption to the supply chain and stable pricing for essential food industries. While input cost management remains a priority, MSM assures customers and partners of its relentless focus on operational efficiency and fair pricing. "We are confident that the exemption mechanism will contribute positively to safeguarding the competitiveness of Malaysia's food manufacturing sector," the company said.
The South African
6 hours ago
- Business
- The South African
MTN under fire as senior management fills its pockets as share price falls
Telecommunications giant MTN Group is under fire from shareholders after nearly R249 million was paid to its executives and board members during 2024 – a year in which the company's share price fell by 21%. At its most recent Annual General Meeting (AGM) in late May, 40.82% of shareholders voted against the company's remuneration implementation report, falling short of the 75% approval threshold required for the non-binding advisory resolution to pass. The company's remuneration policy itself also faced scrutiny, with 24.34% voting against it. The 2024 Remuneration Report shows: Group CEO Ralph Mupita earned R64.75 million earned Group CFO Tsholofelo Molefe received R33.6 million received MTN SA CEO Charles Molapisi took home R26.3 million took home Senior VP Ebenezer Asante earned R37.8 million In total, MTN's top executives were paid nearly R198 million. Meanwhile, non-executive directors collectively received R51.4 million, with Chairman Mcebisi Jonas earning R7.37 million. The generous compensation packages stood in sharp contrast to MTN's 2024 stock performance. The share price declined from R117.00 on 1 January to R91.99 by year-end, prompting dissatisfaction among shareholders who saw their investments shrink. This disconnect between executive remuneration and shareholder returns has been a long-standing point of contention. Many investors argue that pay should be more closely tied to company performance and shareholder value creation. Following the AGM, MTN issued a statement via the JSE's Stock Exchange News Service (SENS) acknowledging the shareholder dissent. The company invited those who voted against the resolution to submit concerns in writing and attend a scheduled engagement session on 26 June 2025. 'We value the insights from our shareholders and remain committed to aligning executive pay with long-term strategic goals,' said Dr Khotso Mokhele, chair of MTN's Human Resources and Remuneration Committee. Despite defending the remuneration structure as 'fair, competitive, and performance-driven,' MTN now faces mounting pressure to rethink its pay philosophy, especially in light of lackluster returns to shareholders. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The Citizen
8 hours ago
- General
- The Citizen
Don't miss out on these events
Don't miss out on these events June 19 • East Rand Seniors' Club meets, Boksburg Central Methodist Church, 10:00, all seniors are welcome. Lynn: 081 065 9395. • Suiderland Volkspelelaer meet, Gereformeerde Kerk Boksburg (5 Scribante Street), 19:15 to 21:00. Call: 082 443 3783. June 23 • Voortrekkers get together, Laerskool Baanbreker, 16:00 till 17:00. Luzinda: 072 314 5482. • Susan Badenhorst Voortrekkers meet on Mondays at the NG Kerk Witfield, 17:15 to 18:15. Louis: 083 293 1107. June 28 • Mercy Haven AGM, St Dominic's Catholic Church, 10:00. Contact: 010 444 0109. • The NG Kerk Witfield-Wes dog friendly (socialised dogs on a leash) Saturday Market and Fun Walk, 31 Schotlz Street. Stalls open at 09:00 and the fun walk will start at 09:30. Contact 011 826 4139 or Eruka at 081 042 6131. July 2 Boksburg Hiking Club meets at the Atlas Bowling Club, bring and braai from 17:30, meeting at 19:00, cash bar. Call Barbara: 073 140 8162, email hikingclubboksburg@ or see July 5 • The Memorable Order of Tin Hats (MOTH) meets, 150 Commissioner Street, 09:30 for 10:00. The MOTH is open to veterans, serving members of the armed forces and people interested in joining to become a friend of the MOTH. Call 082 644 3475. • Bokkie Park Food & Craft Market and Car Boot Sale, Southvale Road, Parkdene, 09:00 to 14:30, stalls, live entertainment, tea garden. Janine: 072 713 3332. July 19 Boksburg SPCA AGM, corner Kruger and Railway streets, 14:00. Members of the public wishing to attend the AGM should send an RSVP to secretary@ by July 14. OUT OF TOWN June 21 Benoni Garden Club 'Gut Health & Organic Vegies' demonstration presented by Linda Galvad, Benoryn Family Church, 14:00 to 16:00. WhatsApp Wendy: 084 584 4878 Also Read: Events to diarise Also Read: Events happening in and around Boksburg At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Bloomberg
8 hours ago
- Business
- Bloomberg
Japan Chemicals Firm CEO Fights to Keep Job as Investors Revolt
In a sign of rising shareholders' activism, a president of a semiconductor material maker is at risk of getting voted out of office at the firm's annual general meeting Saturday. Eiji Sato is facing an uphill battle to be re-appointed as president and CEO of Taiyo Holdings Co., a position he has held since 2011, after some shareholders criticized his response to various acquisition proposals as being too slow.
