IHS Towers, one of Africa’s leading telecommunication infrastructure providers, has come under scrutiny for its refusal to grant MTN Group and Wendel SE
Corporate governance experts say the actions of IHS are concerning and could have significant implications for the company’s governance structure and set wrong precedence for the market.
IHS is hampering good governance and making it difficult for shareholders to have a say in the company’s management. The proposal submitted by both companies was in line with international best practices, where significant shareholders with a vested interest in a company’s success are given the opportunity to nominate members of the board, an industry watcher said.
A source familiar with the situation said, “They’re doing everything but listen to the request of their biggest shareholders. I wonder really what the CEO and Chairman are afraid of. There is a shareholders’ agreement that is clear on these matters; and a proposal has been put forward. According to the reports, another point of contention was MTN’s motion to convert its non-voting shares into voting shares, which was also denied. The shareholder conflict comes amid a significant drop in IHS’s stock value, which has dropped by 60 per cent since its initial public offering in New York in 2021.
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