YeboYethu director Tersha Walljee exits board after Vodacom employee trust cuts stake below 8%

YeboYethu, a broad-based black economic empowerment (B-BBEE) share scheme launched by Vodacom, has confirmed the resignation of non-executive director Tersha Walljee after the Vodacom Siyanda Employee Trust reduced its beneficial interest in the company to 7.85% of issued ordinary shares, breaching the threshold required for board representation.

The development underscores how shifts in shareholding within empowerment structures continue to directly influence governance at listed companies closely tied to South Africa’s telecom sector.

Employee trust trims stake below governance threshold

The disclosure, issued on May 22, was made in compliance with Section 122 of South Africa’s Companies Act and the Johannesburg Stock Exchange (JSE) Listings Requirements. YeboYethu said Walljee stepped down with immediate effect following the change in ownership structure.

According to the filing, the Vodacom Siyanda Employee Trust disposed of part of its holdings in YeboYethu, reducing its beneficial ownership to 7.85% of the company’s issued share capital with confirmation that it met regulatory disclosure obligations governing material changes in substantial shareholdings on the Johannesburg Stock Exchange (JSE).

The reduction in stake meant the trust no longer met the threshold required to retain board representation, triggering Walljee’s immediate resignation from the board as well as her exit from the company’s Social and Ethics Committee.

Governance shift tied to ownership structure

Walljee had served on the YeboYethu board for four years, representing the Vodacom Siyanda Employee Trust. Her departure marks a direct consequence of the company’s governance framework, where board seats are linked to ownership levels.

Walljee has held senior human resources leadership roles at Vodacom Group since 2014, where she serves as Managing Executive for Rewards and Benefits. She also sits on remuneration committees across Vodacom’s operating entities and has previously served on the boards of Xlink Communications and Vodacom pension and provident funds. Before joining Vodacom, she worked at PepsiCo in Dubai as Compensation and Benefits Director, following earlier roles at Kellogg’s and Kraft Foods (Mondelez), focusing on global rewards and compensation strategy.

She also serves as trustee of the Vodacom Siyanda Employee Trust and was recently appointed chair of the trust. YeboYethu said she contributed to shareholder value creation through oversight of the company’s strategic investment in Vodacom Group, which remains the core asset underpinning the investment vehicle. 

YeboYethu’s empowerment structure in focus

YeboYethu is a black economic empowerment investment vehicle created to provide black South African investors exposure to Vodacom Group equity through a listed structure on the Johannesburg Stock Exchange under the ticker YYLBEE. The company’s valuation and performance are closely tied to Vodacom’s dividend flows, telecom sector stability, and broader investor sentiment toward South Africa’s digital infrastructure expansion.

The reduction in the trust’s stake highlights how ownership thresholds embedded in empowerment structures can directly reshape board composition in South African listed entities. It also reflects the tight linkage between governance and shareholding in B-BBEE investment vehicles, where representation rights are often contractually tied to equity levels.

For investors, the development signals a governance adjustment at a time when telecom infrastructure and digital connectivity remain central themes in African equity markets.

YeboYethu did not disclose whether the Vodacom Siyanda Employee Trust intends further disposals or whether a replacement nominee will be appointed to the board.