November 23 2023
Former UCT chair of council Babalwa Ngonyama resigned from the board of Vukile Property Fund after damning findings against her by a panel that looked at governance lapses at the university.
Vukile, a retail specialist landlord can be relieved as the group looks to continue to be one of the best governed listed property funds in SA. The group has been known to pride itself on detailed disclosure in its financial results and annual reports.
Ngonyama decided to step down from her roles in the board and she would take the panel’s report on review.
“Babalwa Ngonyama has resigned as an independent non-executive director of the company and as [chair] and member of the audit and risk committee with effect from 2 November 2023 … to focus on the legal review process pertaining to the allegations and findings against her by the independent panel constituted by the UCT Council, which is currently pending,” the company said.
Vukile owns R37bn worth of assets, spread across SA and Spain.
Ngonyama was appointed to the company’s board in February 2018.
alistair@propertyflash.co.za
