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Minority shareholders lobby for board seats

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Minority Shareholders Association of Listed Companies (Misalico) is advocating change of laws for listing on Malawi Stock Exchange to accommodate them on companies’ board positions.

In its current state, provisions of the law stipulate only shareholders with more than 10 percent of stakes in a company are eligible for a seat on the board.

Further, the law does not allow the consolidation of shares [among the minority shareholders] to form a percentage and shape their eligibility.

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Misalico General Secretary Frank Harawa, however, told journalists in Blantyre on Tuesday that if they are allowed to have representation at the board level, their voices would be heard.

He said their first approach will be lobbying through the listed companies, and if the option fails, they will move to propose an amendment to the laws.

“If we can be allowed, the company will be asking for a person from the association and we will be calling for CVs from minority shareholders and the company will be choosing which CV has impressed them, not even us just handpicking the person,” he said.

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Harawa said the association, which has been registered, consists of individuals with less than 10 percent of shares in a company and will be launched on November 4 in Blantyre.

He said the association will strive to drive awareness on investing in the Malawi Stock Exchange.

“People might be hearing about the Malawi Stock Exchange but they need people who have made returns from there to carry the message and we will work with relevant bodies to achieve that,” he said.

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