Company: KARO
Filing Date: 2025-06-09
Form Type: 20-F
Source: 0001213900-25-052372
Chunk: 134

Company: Karooooo Ltd.
Filing Date: 2025-06-09
Form: 20-F
Item: Item 6
Chunk 134
---
 convenience purposes only, amounts in South African rand as at February 28,                               
          2025 have been translated to U.S. dollars using an exchange rate of ZAR 18.6012 to U.S.$1.00, the exchange rate for U.S. dollars as at   
        February 28, 2025 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations 
      should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange
                             rate. See “Exchange Rates” for further information about recent fluctuations in exchange rates.                       
---------------------------------------------------------------------------------------------------------------------------------------------------

(2)                               Aggregate information disclosed includes directors and executive management given                             
          Karooooo’s IPO in the United States and the incorporation of international headquarters in Singapore with a centralized management    
           function. The Group CEO and CFO drive the Group’s strategy implementation, operation and direction with focus on sustainability      
      and top and bottom-line growth. In 2022 Mr. Marais was included as executive officer by virtue of his shareholding in Karooooo. Mr. Marais
        is the beneficial owner of 3,250,793 shares through One Spire (Pty) Ltd., which corresponds to 10.5% of the outstanding shares of the   
                                                                       Company.                                                                 
------------------------------------------------------------------------------------------------------------------------------------------------

78

C.   BOARD PRACTICES
--------------------
Board Composition

Our board of directors is composed of five members, of whom Siew Koon Lim, Andrew Leong and Kim White qualify as “independent” under Nasdaq listing rules. Our constitution provides that our board of directors initially be divided into three classes with staggered terms over a three-year period. Only Class I directors were subject to re- election at the first annual meeting of stockholders held after the Nasdaq listing, with the other classes continuing for the remainder of their respective terms. Our current directors are divided among the three classes as follows:

●                   the Class I director is Andrew Leong, who was re-elected                
    for a term of three years at the annual meeting of stockholders held on August 29, 2024;
--------------------------------------------------------------------------------------------

●   the Class II directors are Kim White and Siew Koon Lim; and
---------------------------------------------------------------

●                        the Class III directors are Isaias (Zak) Jose Calisto and                     
    Hoe Shin Goy, who were both re-elected at the AGM held on July 12,