Avior Capital Markets - Exxaro Resources Limited (11BL) Exxaro | Proxy voting and governance recommendation

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Avior Capital Markets

Matthew Shields

Exxaro | Proxy voting and governance recommendation

Exxaro (EXX) receives a governance score of 2.99 out of 5.00 and is now rated as 'Adequate' (FY '16: 3.21, 'Good'). In this note we discussion the changes to EXX's Board of directors, the downgrade of the Group's BEE rating, CEO remuneration, and other governance related issues.

11/05/2018 12 EN

Underlying

Exxaro Resources Limited

Exxaro Resources is a mining company, with interests in the coal, titanium dioxide, ferrous and energy markets. Co. has four reportable operating segments, which include: Coal, which produces thermal and metallurgical coal as well as other small scale products; Ferrous, which include the Mayoko iron ore project; Titanium dioxide, in which Co. holds a 43.98% equity interest in Tronox Limited and a 26% equity interest in each of the South African based operations as well as a 26% member's interest in Tronox Sands Limited Liability Partnership in the U.K.; and Other, which include the 50% equity interest in Cennergi Proprietary Limited, among others.

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ZAE000084992 Johannesburg Stock Exchange South Africa

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Analysts

Matthew Shields

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