The holding entity of the PPS Group is The Professional Provident Society Holdings Trust (‘PPS Holdings Trust’). Its primary operating subsidiary is Professional Provident Society Insurance Company Limited (‘PPS Insurance’). The key operating subsidiaries of PPS Insurance are Professional Provident Society Short-Term Insurance Company Limited (‘PPS Short-Term Insurance’), Professional Provident Society Investments Proprietary Limited (‘PPS Investments”) and Professional Provident Society Healthcare Administrators Proprietary Limited (‘PPS Healthcare Administrators’). Good corporate governance is an integral part of the PPS Group’s operations and the PPS Group is fully committed to the principles of King IV and the SAM Pillar II Risk Management requirements. In terms of the Pillar II Risk Management requirements, PPS Insurance is required to adopt, implement and document an effective governance framework that provides for the prudent management and oversight of its insurance business and adequately protects the interests of its policyholders.
The governance framework consists of three parts being:
The PPS governance framework was further enhanced and provides for the prudent management and oversight of PPS, as well as adequately protecting the interests of our members. The framework is appropriate given the nature, scale and complexity of the PPS Group, its associated risks and is based on key principles as set out in this report.