PPS Integrated Report 2021 Audit Committees’ Report | 128 AUDIT COMMITTEES’ REPORT INTRODUCTION The PPS Holdings Trust Audit Committee (‘TAC’) and the PPS Group Audit Committee (‘GAC’) are committees of the PPS Holdings Trust and PPS Insurance Boards respectively. The responsibilities of these committees are prescribed by the Trust Deed and the Companies Act, and are outlined in their written Terms of Reference, which are in line with King IV, and are reviewed and updated annually. The Committees have an independent role, with accountability to both the Boards and PPS members in terms of the Companies Act and the Trust Deed of PPS Holdings Trust. The TAC has oversight over PPS Holdings Trust and the PPS Group, while the GAC has oversight over PPS Insurance and its subsidiaries. This includes oversight over the separate Risk and Audit Committees of PPS Investments and PPS Short-Term Insurance, which make reports to the GAC. The report of the TAC and GAC is presented to the members in terms of section 94(7)(f) of the Companies Act, No 71 of 2008 (‘the Companies Act’), and a similar provision in the Trust Deed. COMPOSITION OF THE PPS HOLDINGS TRUST AUDIT COMMITTEE Members: Independent Non-executive Trustees of PPS Holdings Trust: Ms D L T Dondur (Chairman), B Acc (Hons), B Compt, CA(SA), MBA, CD(SA), Member of the TAC since 2012 Mr P Ranchod, B Compt (Hons), CA(SA), MBL, H Dip Business Data Processing, Member of the TAC since 2014 Prof H E Wainer, B Acc, CA(SA), Member of the TAC since 2020 The appointment of the current Members of the TAC was confirmed by PPS members at the annual general meeting held on 10 May 2021. The TAC was established pursuant to the Trust Deed of PPS Holdings Trust and comprises three independent nonexecutive trustees of PPS Holdings Trust. The members of the Committee are elected annually by the members of PPS Holdings Trust at its annual general meeting, after being nominated for election by the Nominations Committee and being approved by the PPS Holdings Trust Board for election. As PPS Holdings Trust is not an operating company, but consolidates the financial results of PPS Insurance and its subsidiaries, the TAC considers the recommendations of the GAC in regard to the integrated report and the annual financial statements of PPS Insurance and its subsidiaries. There is an overlap in membership of the TAC and the GAC to ensure appropriate information is exchanged between the two audit committees, and the TAC does not replicate the work performed by the GAC in regard to PPS Insurance and its subsidiaries. Meetings of the TAC held during the year and attendance thereat: Trust Audit Committee 3 Mar 2021 15 Nov 2021 Ms D L T Dondur (Chairman) P P Mr P Ranchod P P Prof H E Wainer P P COMPOSITION OF THE PPS GROUP AUDIT COMMITTEE Members: Independent Non-Executive Directors of PPS Insurance: Prof H E Wainer (Chairman), B Acc, CA(SA), Member of GAC since 2001 Ms D L T Dondur, B Acc (Hons), B Compt, CA(SA), MBA, CD(SA), Member of GAC since 2013 Dr D P du Plessis, B Sc, MBA, DBA, CD(SA) Member of GAC since 2020 Mr C Erasmus, BSc, FIA, FASSA, Member of GAC since 2009 Mr P Ranchod, B Compt (Hons), CA(SA), MBL, H Dip Business Data Processing, Member of the GAC since 2014 Dr J A van der Merwe, MB ChB, MBL, DBL, PED. (IMD), Member of GAC since 2018
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