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INTRODUCTION
The PPS Holdings Trust Audit Committee (‘TAC’) and the PPS Group Audit Committee (‘GAC’) are committees of PPS Holdings
Trust and PPS Insurance, respectively. The responsibilities of these committees are prescribed by the Trust Deed and theCompanies
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 board and members in terms of the Companies Act and
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 respective 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 PPSHoldings Trust:
Ms D L T Dondur (Chairman), B Acc (Hons), B Compt, CA(SA), MBA, Member of the TAC since 2012
Mr E A Moolla, B Iuris, Member of the TAC since 2011
Mr P Ranchod, B Compt (Hons), CA(SA), MBL, H Dip Business Data Processing, Member of the TAC since 2014
The appointment of the current Members of the TAC was confirmed by PPS members at the annual general meeting held on
22 May 2017.
The TAC was established pursuant to the Trust Deed of PPS Holdings Trust and comprises three independent non-executive 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 theNominations 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:
PPS Holdings Trust Audit Committee
8 March 2017
8 November 2017
Ms D L T Dondur (Chairman)
X
X
Mr E A Moolla
X
X
Mr P Ranchod
X
X
COMPOSITION OF THE PPS GROUP AUDIT COMMITTEE
MEMBERS:
Independent non-executivedirectorsof PPS Insurance:
ProfHEWainer (Chairman), BAcc, CA(SA),Member ofGACsince2001
MsDLTDondur, BAcc (Hons), BCompt, CA(SA),MBA,Member ofGACsince2013
MrCErasmus, BSc, FIA,Member ofGACsince2009
Mr E A Moolla, B Iuris,Member ofGACsince2015
MrNG Payne, BCom(Hons), CA(SA),MBL,Member ofGACsince2007
Mr P Ranchod, B Compt (Hons), CA(SA), MBL, H Dip Business Data Processing, Member of the GAC since 2014
AUDIT COMMITTEES’ REPORT
PPS
INTEGRATED REPORT
2017
84