Corporate governance report (continued) PPS Integrated Report 2021 Corporate governance report | 110 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 The AC is chaired by an independent non-executive director and is comprised of two independent nonexecutive directors of PPS Insurance and the Group Chief Executive Officer. The AC has an important role in overseeing 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 Heads of the Actuarial Function and the Group Executives: Actuarial Services, 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 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 Heads of the Actuarial Function and the Executives: Actuarial Services. The AC meetings held during the year and attendance thereat were as follows: Group Actuarial Committee 22 Feb 2021 24 May 2021 1 Sep 2021 3 Nov 2021 Mr C Erasmus (Chairman) P P P P Mr I J Smit P P P P Prof H E Wainer 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 Dr S N E Seoka B Pharm, PhD 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 overseeing 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. REMCO is chaired by an independent non-executive PPS Insurance director and is comprised entirely of non-executive directors of PPS Insurance. No employee is involved in deciding their own remuneration. The Group Chief Executive and the Group Executive: Human Resources attend the meetings of REMCO by invitation. The Chief Executive and Group Executive: Human Resources are recused from any discussion and/or decision pertaining to their own remuneration.
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