2019 Integrated Report

CORPORATE GOVERNANCE REPORT CONTINUED 74 | PPS INTEGRATED REPORT 2019 BOARD COMMITTEES A number of standing board committees have been established to assist the boards in discharging their responsibilities. The boards are satisfied that the members of the respective committees have sufficient recent and relevant experience and are appropriately qualified to enable them to discharge their respective duties and responsibilities. The membership and principal functions of these committees are set out below. The various committee members as well as their attendance at the relevant committee meetings are provided in this Corporate Governance Report, the Report of the Audit Committees and the Report of the Group Social and Ethics Committee. PPS HOLDINGS TRUST STANDING BOARD COMMITTEES The PPS Holdings Trust Board has established the following standing board committees: ~ ~ PPS Holdings Trust Audit Committee; ~ ~ Group Nominations Committee. PPS INSURANCE STANDING BOARD COMMITTEES The PPS Insurance Board has established the following standing board committees: ~ ~ Group Actuarial Committee; ~ ~ Group Audit Committee; ~ ~ Group Remuneration Committee; ~ ~ Group Risk Committee; ~ ~ Group Technology Steering Committee; ~ ~ Group Social and Ethics Committee. PPS HOLDINGS TRUST AUDIT COMMITTEE (TAC) AND GROUP AUDIT COMMITTEE (GAC) The composition, roles, responsibilities and attendance at meetings of the TAC and GAC are set out in the Audit Committees’ Report included in this Integrated Report. GROUP RISK COMMITTEE (GRC) MEMBERS Dr J A van der Merwe MB ChB, MBL, DBL, PED. (IMD) (Chairman) Mr C Erasmus B Sc, FIA, FASSA Dr D P du Plessis B Sc (QS), MBA, DBA Chartered Director (SA) Mr E J S Franklin B Sc Physics and Applied Mathematics, B Sc Elec Eng, M Sc Elec Eng (Manchester), MBA (Appointed 1 March 2019) Mr I J Smit B Com (Hons), FASSA The role of the GRC is to assist the PPS Group boards in discharging their fiduciary duties regarding risk management within the PPS Enterprise Risk Management and Governance Frameworks, which include: ~ ~ Risk policy and the implementation of risk management; ~ ~ Risk governance structures; ~ ~ Risk infrastructure, processes and culture; ~ ~ The setting of risk appetite and tolerances; ~ ~ Risk assessment, profiling, mitigation and reporting; ~ ~ Assurance and stakeholder disclosures. The GRC is comprised of four independent non-executive PPS Insurance directors, who are risk management specialists, and the Chief Executive. The GRC is chaired by an independent non-executive director. The GRC is scheduled to meet at least four times a year. There is overlap in the non-executive membership of the GRC, the GAC and the Group Actuarial Committee. The internal auditors and Heads of Group Compliance and Risk Management are present at each meeting, when reports are tabled outlining the progress in terms of the risk management framework, internal audit plans and an overview of the PPS Group’s risk profile. The GRC is satisfied that the risk assessments, responses and interventions for the PPS Group are effective. The GRC is responsible for the statutory compliance monitoring functions and makes reports to the GAC and Group Social and Ethics Committee on risk matters pertaining to those committees. The GRC considers and recommends the PPS Group SAM ORSA Report for approval by the PPS Insurance Board. The GRC also receives reports by the Risk and Audit Committees of the PPS Insurance subsidiaries which have such committees.