2019 Integrated Report

CORPORATE GOVERNANCE REPORT | 55 GOVERNANCE STRUCTURE CORPORATE GOVERNANCE REPORT GOVERNANCE 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 Prudential Standards. In terms of the Prudential Standards, Risk Management and Internal Controls for Insurers (GOI 3), 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. * These are statutory committees with a direct reporting line to the PPS Insurance Board. ** This is a statutory committee, required in terms of the Trust Deed of PPS Holdings Trust, with a direct reporting line to the PPS Holdings Trust Board. # These functions also have direct reporting lines to the appropriate board committees. ## External audit has a direct reporting line to the boards of PPS Holdings Trust, PPS Insurance and its subsidiaries, and reports primarily to PPS members. PPS MEMBERS PPS Holdings Trust Board of Trustees PPS Holdings Trust Audit Committee** Nominations Committee PPS Insurance Company Board Subsidiary Company Boards Remuneration Committee Social and Ethics Committee* Risk Committee Actuarial Committee Group Audit Committee* Risk Management Function # Compliance Function # Actuarial Function # Internal Audit # Executive Management Committee External Audit ## Technology Steering Committee