2020 INTEGRATED REPORT

CORPORATE GOVERNANCE REPORT (CONTINUED) GROUP ACTUARIAL COMMITTEE (AC) MEMBERS Mr C Erasmus B SC, FIA, FASSA (Chairman) Prof H E Wainer B Acc, CA(SA), Registered Auditor Mr I J Smit B Com (Hons), FASSA Mr N A S Kruger B Com Mathematics, FIA, FASSA, AMP (Resigned 26 May 2020) The AC is chaired by an independent non-executive director and is comprised of two independent non- executive directors of PPS Insurance and the Chief Executive Officer. The AC has an important role in ensuring the integrity of actuarial processes and the proper assessment of PPS Insurance Group Companies’ risk philosophy from an actuarial perspective, strategy, policies, financial and operational processes and controls, as well as assessments of major risks from an actuarial perspective. The AC’s activities are focused on considering actuarial assumptions and experience, product pricing and design, valuation results, risk metrics and reporting guidelines and practices adopted by the Head of the Actuarial Function and the Company Actuaries, as well as other actuarial matters as applicable to PPS Insurance and any of its subsidiaries operating a life or short-term insurance licence. The AC acts as an independent adviser to the PPS Insurance, PPS Namibia and PPS Short-Term Insurance Boards and has the following primary responsibilities: ~ To assist the boards in fulfilling their oversight responsibilities regarding: – the accuracy and integrity of the actuarial statements; – compliance with actuarial, legal and regulatory requirements; and – the performance of the Actuarial Functions of PPS Insurance and PPS Short-Term Insurance. ~ To assist the boards in the execution of their fiduciary duties regarding the oversight of the reinsurance arrangements and risk transfer processes. ~ To assist the boards with the execution of their responsibilities relating to the Own Risk and Solvency Assessment (ORSA). ~ To provide a sounding board for the Head of the Actuarial Function and the Company Actuaries in making recommendations to the boards and to consider, for tabling at board meetings, the recommendations of the Head of the Actuarial Function and the Company Actuaries. The AC meetings held during the year and attendance thereat were as follows: Group Actuarial Committee 20 Feb 2020 3 April 2020 25 May 2020 24 Aug 2020 9 Nov 2020 Mr C Erasmus (Chairman) P P P P P Mr N A S Kruger (Resigned 26 May 2020) P P P N/A N/A Mr I J Smit P P P P P Prof H E Wainer P P P P P GROUP REMUNERATION COMMITTEE (REMCO) MEMBERS Dr D P du Plessis B Sc (QS), MBA, DBA, CD(SA) (Chairman) Mr C Erasmus B Sc, FIA, FASSA Mr E A Moolla B Iuris (Retired 22 June 2020) Dr S N E Seoka B Pharm, PhD (Appointed 22 June 2020) Prof H E Wainer B Acc, CA(SA), Registered Auditor ROLE The Group Remuneration Committee (REMCO) has been established as a sub-committee of the PPS Insurance Board with delegated responsibility for ensuring the implementation of the PPS Group Remuneration Policy, as approved by the PPS Insurance Board from time to time, and making recommendations to the PPS Group Boards, excluding the PPS Investments Board which has its own remuneration committee, over which REMCO exercises oversight, in regard to employee and non- executive remuneration for consideration and final approval. REMCO is responsible for advising the PPS Group in relation to: ~ Matters of executive, senior management and staff remuneration; ~ The remuneration of non-executive directors and trustees of PPS Holdings Trust and its subsidiaries, as well as their respective related entities (with the exception of PPS Insurance subsidiaries which have appointed their own remuneration committees); ~ Key human resources and employee-related matters, including employment equity and transformation. 100 | PPS INTEGRATED REPORT 2020