Audit and Risk Committee

The Audit and Risk Committee has adopted formal terms of reference that have been approved by the Board of Directors and are reviewed annually. The Audit and Risk Committee has executed its duties during the past financial year in accordance with these terms of reference.

" Combined assurance remains a modern epitome of corporate governance."

The role of the Audit and Risk Committee is to provide independent oversight which includes, among others:

The effectiveness of the organisation's assurance functions and services, focusing on combined assurance processes; and

The integrity of the Annual Financial Statements and, to the extent delegated by the Board, other external reports issued by the organisation.

Composition

Member Number
of meetings
Meeting
attendance (%)
Lindani Dhlamini Independent Non-executive Director (Chairman) 6/7 86
Sello Mmakau* Group CIO and Executive Director 7/7 100
Grathel Motau Independent Non-executive Director 6/7 86
Bruno Fernandes Independent Non-executive Director 3/3 100
Other invitees    
Ahmed Banderker** Group CEO and Executive Director 3/7 43
Hannes Boonzaaier Group CFO and Executive Director 6/7 86
* Sello Mmakau was an Independent Non-executive Director until 30 November 2018. He was appointed as Group Chief Information Officer (CIO) effective 1 December 2018. He is an invitee to meetings as an Executive Director.
** Ahmed Banderker attends the committee in his ex-officio capacity as the Group CEO from 1 April 2019.

Independence of committee: 100%

Key matters the committee focused on

Appointment of an independent auditor, approval of the engagement letter and recommendation of the audit fee for approval

Determination of the nature and extent of non-audit services

Assessment of effectiveness of the Chief Audit Executive and the work and processes of the internal audit function

Satisfied itself of the appropriateness of the expertise and experience of the Group CFO

Reviewed and approved year-end results and announcement (recommended for Board approval)

Reviewed profit announcements and made recommendations to the Board

Reviewed and approved all major accounting policy decisions affecting year-end results

Reviewed the risk and opportunities register

Reviewed the Group's position on contingent liabilities and other claims at financial year-end

Reviewed and confirmed the updated authority levels

Reviewed non-audit services fees paid to the external auditors

 

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