by Thinus Ferreira
MultiChoice has cancelled a R1.56 million consultancy contract with one of its longest-serving board members, Kgomotso Moroka following complaints from investors that the contract with her places her role as an independent MultiChoice director in question.
Kgomotso Moroka, appointed in December 2018, is one of the longest-serving MultiChoice board members.
MultiChoice's annual financial report shows that the pay-TV operator paid Kgomotso Moroka R1.56 million for the 2022/2023 financial year which ended on 31 March 2023 for services rendered.
"After careful deliberation by the board, taking into account the ad-hoc nature of services rendered and feedback
from shareholders, the consultancy agreement entered into between the group and Kgomotso Moroka for professional
advisory services as a senior counsel is cancelled with effect from 30 June 2023," MultiChoice says in its financial report.
"The board continues to believe
that the agreement did not, on a substance-over-form basis, affect her independence but has nonetheless
resolved to cancel it based on perception from investors that the consultancy agreement affects her
categorisation as an independent director."
