Report of the investment committee

Role and key functions
The investment committee is a formal committee of the board that makes recommendations on the strategic direction of the company.

Role and key functions

It reviews and advises on capital and other strategic applications in terms of the company’s limits of authority for recommendation to the board.

The committee functions in terms of defined terms of reference, approved by the board in 2016 and reviewed annually, and an approved detailed annual work plan.

Composition and committee meetings

The committee comprises three members, the executive chairman and two independent non-executive directors, Gerhard Kotze and Pieter Uys. More details of these directors are given in the directorate and executive committee section. The chairman may co-opt ad-hoc members for a meeting, based on capital applications to be considered.

Meetings are scheduled as required as per the terms of reference. Four committee meetings were scheduled in 2017. Attendance of committee members is listed in the directorate and executive committee of this integrated annual report.

Fees paid to the committee members are reflected in the report of the remuneration committee and the proposed fees for 2018 are detailed in special resolution 3.1 in the notice of the annual general meeting.

Key activities

In terms of its mandate, matters considered by the investment committee in 2017, for recommendation to the board, included applications to submit tenders, the increase of current investments, approvals of new investments and the restructuring of investments. The committee also reviewed progress on the implementation of the company’s strategy.

On behalf of the investment committee

Mike Hankinson

Chairman

23 March 2018