Letlole La Rona is bolstering its board of directors after it lost key board members last year.
On Friday, the Botswana Stock Exchange listed company unveiled two new independent non-executive directors, leaving one more space to fill. LLR’s board of directors is made up of seven members of which three are independent and four are non-executive.
The company has appointed Onthatile Tiny Ogotseng, the head of legal and a company secretary at Sir Keitumile Masire, to its board. She holds a master’s degree in Finance and Investments from the University of the Witwatersrand, an LLB from the University of Botswana.
The head of Audit Services at Debswana Diamond Company Mmametsi Setlhare has also been added to the board. She holds a BCom in Accounting and is a member of the Chartered Institute of Management Accountants (CIMA) where she is a Fellow Chartered Accountant. Other memberships include the Institute of Internal Auditors, the Institute of Directors (South Africa) (IoDSA), and the Information Systems Auditors and Control Association (ISACA).
Late last year, Letlole lost three key members of its board, paving the way for an almost new board. Company chairperson Boitumelo Mogopa announced her retirement after deciding not not to put her name for re-election. Mogopa was joined by Serty Leburu and vice-chairperson Terence Dambe who have also chosen not to serve in the board when they retire on December 11.
The exit of the three senior board members followed the exit of private equity investor Bafana Molomo, who resigned on November 2019, and later followed by Curtis Matobolo who resigned from the board in May 2020. Molomo who was representing the interest of major shareholder, Botswana Development Corporation (BDC), was replaced by Oteng Keabetswe in December 2019, also coming in as a BDC representative. He serves as a member of the investment committee.
After Grit Real Estate Income increased its stake in LLR in 2019 to become the number two major shareholder, Bronwyn Corbett who is chief executive officer of Grit, was appointed to LLR’s board on April 2020. She serves as a member of the Audit, Risk and Compliance Committee.
Still in April, Frederick Selolwane was appointed to the property company’s board. He is a registered Quantity Surveyor and a chartered member of the Royal Institute of Chartered Surveyors as well as the South African Council of the Quantity Surveying Profession. Selolwane serves as a member of the investment committee.