John James “Jim” Volkwyn will step down from MultiChoice’s board of directors with effect from Wednesday, adding to the list of directors holding consulting deals with the group that have made an exit in recent months.
Africa's largest pay TV provider has been under fire from investors with governance concerns raised around the consulting relationships held by a number of its current and former directors.
The group, currently the subject of a takeover bid by French broadcaster Canal+, told investors that Volkwyn had decided to not stand for re-election when the company holds its annual general meeting (AGM) on August 28. As a result, Volkwyn will retire with effect from the same date.
Volkwyn has been associated with MultiChoice for more than 33 years, having been a director of MultiChoice SA since March 2007, and then as an independent non-executive director of the group from its listing in 2019.
The group was unbundled from Naspers.
Volkwyn previously served as CEO of Naspers’ global video entertainment business.
The DStv operator also made disclosures to clarify Volkwyn's consultancy arrangements with the group, saying “the consultancy arrangements were at all times disclosed to shareholders.”
Also, “the consultancy arrangements are lawful in all respects, as was confirmed by external legal advice”, and “in approving the consultancy arrangements, the board at all times ensured compliance with corporate governance requirements”.
This comes a few months after Imtiaz Patel stepped down as chair of the group, in April.
The former MultiChoice CEO had initially stepped down after nearly three years as chair in September 2023. The move was meant to improve governance standards after the company came under fire for having cosy deals with board members that exposed it to potential conflicts of interest.
The company recently terminated a consultancy contract with Kgomotso Moroka, one of its longest-serving board members, after investors flagged a consultancy deal, putting her role as an independent director in question.
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