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Board committee feedback

Audit Committee Review

The Audit Committee is satisfied that it has effectively discharged its duties in terms of its mandate from the Board and its statutory duties in compliance with the Companies Act of 71 of 2008 with specific reference to audit quality, auditor independence and financial policies and reporting concerns; and the JSE Listings Requirements.
O IghodaroCHAIRMAN OF THE AUDIT COMMITTEE
COMMITTEE MEMBERS
BOARD STATUS
MEMBER SINCE
ATTENDANCE
O Ighodaro (Chairman)
Independent Non-Executive Director
24 May 2018
5/5
NN Gwagwa
Independent Non-Executive Director
1 November 2006
5/5
P Langeni*
Independent Non-Executive Director
25 August 2004
1/1
L Mthimunye
Independent Non-Executive Director
27 February 2019
5/5
JP Suarez (Permanent invitee)
Non-Independent Non-Executive Director
27 February 2019
5/5
*Resigned as a member of the Audit Committee effective 21 May 2020.

It also discharged its governance role and responsibilities by applying the principles relevant to our Committee as set out in King IV by continuing to provide oversight and input into the Group’s governance and internal controls to ensure the quality and integrity of its external reporting. The Committee’s Charter was reviewed during 2020 and found to be compliant. The Committee also considered and satisfied itself of the appropriateness of the expertise and adequacy of resources within the Company’s finance function and that of the Chief Financial Officer. All our Committee members are independent Non-Executive Directors.

What kept our Audit Committee busy in 2020 and what will keep it busy in 2021 and beyond

The focus of the Committee in 2020

  • The impact of the Covid-19 pandemic and in particular the consequent lockdowns and their impact on the business’ liquidity was a key focus of our Committee in 2020
  • Performance against the Group strategy and the implementation of our Turnaround plan also remained a key focus for the Committee
  • Ongoing monitoring of the effectiveness of the Group and business unit internal financial control environment, financial reporting procedures, tax strategy and policy, combined assurance and compliance
  • Monitoring the effectiveness of the Group’s cyber security risk management
  • JSE Listings Requirements regarding CEO and CFO Controls Certification
  • Oversight of Group IT investment.

 

Our focus in 2021 and beyond

  • The ongoing impact of the Covid-19 pandemic on the business will continue to be a focus of the Committee
  • The Committee will continue to monitor the Group’s performance against strategy and the effectiveness of the Group and business unit internal financial control environment, tax strategy and policy, combined assurance and compliance
  • Cyber security
  • Oversight of major IT investments

 

Olufunke Ighodaro
Chairman of the Audit Committee

08 April 2021