Shareholder activism is good and those that engage in it should expect criticism, until the time when all shareholders begin to engage as well. As they should!
Onésimo Alvarez-Moro
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The directors of Johncom, South Africa's second largest media company, should brace themselves: they are the next target of Brian Molefe, the country's leading shareholder activist, whose wrath has in recent months led to turmoil in Johannesburg boardrooms.
Mr Molefe does not fit the standard activist profile. He is neither a lone agitator with a tiny shareholding pursuing a personal crusade, nor is he pushing a class action on behalf of angry shareholders. He is far more powerful: as chief executive of the Public Investment Corporation, which manages R720bn (£52bn, $106bn, €75bn) of civil servants' -pension funds he is the -single largest investor on the Johannesburg Stock -Exchange (JSE).
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