2020 INTEGRATED REPORT

CHAIRMAN’S STATEMENT (CONTINUED) PPS TRAINING ACADEMY The PPS Training Academy continues to be a learning institution that we are immensely proud of and which is internationally recognised for excellence. Our intention in future is that this Academy not only assist the Group’s employees, but also external financial advisers and, most importantly, our members. The added value that the Academy provides can become an important part of our member value proposition. As you will read in our human capital report, uptake of the online courses it offers was unprecedented in 2020, partly due to the fact that our human capital division actively encouraged staff to take advantage of these during the initial ‘hard lockdown’. Our staff have shown extraordinary interest in skills and career development, taking advantage of courses not only in their own skills areas, but also in more general business disciplines. ETHICS AND CORPORATE GOVERNANCE Operating under the ethos of mutuality and offering solutions exclusively for graduate professionals, PPS has become a vital defender of the interests of both our members and of the broader professional community in South Africa and Namibia. As such, we are consistently compliant with all relevant legislation and regulations, and our corporate governance practices align with principles of the King IV™ Code of Corporate Governance. In terms of both King IV and the Companies Act, PPS is governed through a unitary structure that includes a main board, subsidiary boards and their subcommittees. All boards and their committees operate within the parameters of approved charters and terms of reference, which are reviewed periodically. Furthermore, all boards and committees are supported by the company secretary and a well- resourced company secretariat. CHANGES TO THE BOARD On the Holdings Trust Board, we bade farewell to Ms P Natesan, who retired at the end of June after serving on the board for close on three years. We also welcomed Ms J K Myburgh, who is an attorney by profession and who joined the Board in September. The PPS InsuranceCompanyBoard saw the retirement of Mr E A Moolla, who had served on the board since 2003 and who had also served as Chairman of the PPS Holdings Trust Board. We also bade farewell to Mr N A S Kruger and welcomed Dr N H P Khoza, who has already served on the Holdings Trust Board for three years. IN MEMORIAM Few people have contributed more to paving the way for growth in PPS’s scope and membership than Etienne Hugget, who passed away in February 2021. During his tenure as CEO from 1981 to 1995, Mr Huggett oversaw the transformation of PPS from a pension fund structure into an insurance company, which put PPS on its path to become the fully-fledged financial services provider it is today, servicing graduate professionals. On behalf of the whole PPS community, I wish to convey our condolences to the late Mr. Huggett’s family. THANK YOU On behalf of my fellow trustees I would like to thank our CEO, Izak Smit, and his Group executive team for keeping a cool head and staying true to our values and principles during such a challenging time. They have shown exceptional empathy and foresight during the past year and have managed to lead our members, intermediaries and staff through a period like no other. A sincere word of thanks also goes to our members, who trust us with their financial goals and contribute in such a committed way to our robust community of professionals. I would like to extend my gratitude to Dr Mannie Krüger, my deputy, and our fellow trustees, who continue to make the Board the solid think-tank that it is and who remain deeply committed to providing ever-better value to the PPS community. I would also like to thank Mr Charles Erasmus for his sterling role as Chairman of the PPS Insurance Company Board. Lastly, I must also thank my family, whose support for me and my work remains unfailing. Dr Sybil Seoka Chairman: PPS Holdings Trust Board 25 March 2021 40 | PPS INTEGRATED REPORT 2020