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Board of Directors

The Board is responsible for the strategic direction and control of the Company. It exercises control through a governance framework that includes the review and implementation of detailed reporting presented to it and its subcommittees and the implementation of a continuously updated risk management programme.

The Board comprises nine Directors of whom six are non-executive and five are independent. The executive Directors are Gavin Mark Lucas (CEO), Steven James Horton and Stephen Charles Lucas.

The Board considers sound corporate governance practices to be a critical element in delivering sustainable growth for the benefit of all stakeholders. In conducting the affairs of the Company, the Board endorses the principles of fairness, responsibility, transparency and accountability advocated by the principles of the Code of Corporate Practices and Conduct set out in the King Report on Corporate Governance (“King IV”). We implemented the King IV after thorough consideration of the recommended practices. As a relatively new and growing business, we endeavour to evolve our corporate governance practices, policies and procedures in tandem with our business, taking guidance from the recommended practices outlined in King IV. Read more about our application of King IV principles here.

 In regularly reviewing the Company’s governance structures, the Board exercises and ensures effective and ethical leadership, always acting in the best interests of the Company, at the same time concerning itself with the sustainability of its business operations.

Graham Blackshaw :  Non-executive Chairman

A former lead development partner in the Faircape group of companies, Graham played an integral role in driving the formation of the Stor-Age Joint Venture between Acucap, Faircape and Stor-Age Property Holdings in 2010.

A qualified attorney, Graham practiced law at Herold Gie and Broadhead before joining the Cape of Good Hope Bank, where he went on to head up the Property Lending Division.

Kelly-Maree de Kock :  Independent Non-executive

Kelly is specialised in the areas of corporate finance and investor relations, as well as mergers and acquisitions. She has more than 13 years’ commercial experience in the financial services sector and currently holds the position of Chief Operating Officer at Old Mutual Wealth Trust Company.

Kelly previously held the positions of Head of Institutional Business Development at Kagiso Asset Management and Investor Relations Manager: South Africa at Old Mutual plc.

Phakama Mbikwana

Phakama Mbikwana Independent Non-executive

Phakama has over 15 years of banking experience, where she has been exposed to all the industry segments. She left the banking industry as a principal at Barclays Africa where she held the role of sector head: construction and construction-related sectors in the corporate and investment banking devision. She has previously held roles at Standard Bank Group, Investment Solutions (Alexander Forbes Multi-Asset Manager) and Nedbank Corporate.

Phakama is currently CEO of Africa Rising Capital (advisory and investment holdings). She also holds the role of an independent non-executive director on the board of Wits Health Consortium Proprietary Limited.


John Chapman :  Independent Non-executive (lead independent)

John Chapman is currently an executive director of Rabie Property Group (Pty) Limited. He holds a Bachelor of Science degree (Construction Management), obtained from the University of Cape Town in 1983.

After university, John spent three years with Murray and Roberts Cape as a Project Engineer, before joining the Rabie Property Group where he has been for thirty-two years.


Mntungwa Morojele :  Independent Non-executive

Mntungwa has more than 33 years of business experience, having established and managed various companies including Briske Performance Solutions and Motebong Tourism Investment Holdings. He is currently the CEO of 3RE Connect South Africa, which is pursuing opportunities in the Renewable Energy sector.

Mntungwa is currently a non-executive director of Capital Eye Investments Limited (previously the UCS Group Limited) and a number of its subsidiaries, which he has been associated with since 2004. He is currently the independent chairman of Astute Financial Services Exchange (Pty) Limited, a position he was appointed to in July 2021. He was previously an independent non-executive director and the lead independent director of Spur Corporation Limited, a position he held from January 2011 to August 2020. He has also served on the Boards of Gray Security Services, and Verifone Africa (Pty) Limited. He qualified as a Chartered Accountant while serving his articles with KPMG Lesotho, followed by careers with Grey Security Services and Tourvest.


Abu Varachhia :  Independent Non-executive

Abu has more than 30 years of business experience, having previously served on the boards of JSE listed companies Spearhead Property Holdings Limited, Ingenuity Property Investments Limited and Mazor Group Limited as a non-executive director at each.

Abu, who holds a Bachelor of Science degree (Quantity Surveying), is currently the non-executive chairman of Spear REIT Limited. He has held numerous other leadership positions including chairman of LDM Quantity Surveyors, vice-president of the South African Council for the Quantity Surveying Profession, chairman of the Black Technical and Allied Careers Organisation and chairperson of the Build Environment Advisory Committee for the 2004 Olympic Bid.

Gavin Lucas :  CEO

An entrepreneurial property developer backed by an experienced management team of professionals with a range of skills including investment banking, finance, property and construction, Gavin founded the Stor-Age Group in 2005.

Leading the organisation by providing a common vision and mission, Gavin is responsible for the strategic direction of the group, coordinating plans to meet strategic goals, overseeing the overall operations and stakeholder engagement.
Stephen Lucas :  Chief Financial Officer

Stephen is one of the founding shareholders of Stor-Age and has worked alongside Gavin and Steven in developing the Stor-Age business since its inception.

Stephen focuses on the group’s financial and operational management, human resources and developing and executing the operations strategy. He also has previous advisory experience in corporate finance and transaction support.
Steven Horton Executive

Steven is head of property and directs the group’s property growth strategy. He oversees the procurement of all opportunities and the development planning, development and property management of the portfolio.

Steven drives Stor-Age’s acquisition and expansion efforts in South Africa and the UK.