REMUNERATION REPORT Introduction The PPS Group Remuneration Committee (Remco) has been established as a subcommittee 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 to determine employee and non-executive director/trustee remuneration which is reported to the PPS Group Boards for consideration and final approval. Remco is responsible for advising the PPS Group in relation to: • Executive, senior management and staff remuneration. • The remuneration of non-executive directors and trustees of the PPS Holdings Trust and its subsidiaries, as well as their respective related entities. • Key human resources and employee-related matters, including employment equity and transformation. Members Dr D P du Plessis (Chairman) – BSc (QS), MBA, DBA, CD (SA) Mr C Erasmus – BSc, FIA, FASSA Dr S N E Seoka – B Pharm, PhD Prof H E Wainer – B Acc, CA(SA), Registered Auditor Functions The role of Remco is to assist the PPS Group boards to ensure that: • The PPS Group remunerates non-executive directors and trustees, the Group Chief Executive, executives, management and staff fairly, responsibly and competitively. • The disclosure of director/trustee and executive remuneration by the PPS Group is accurate and in accordance with the Companies Act and IFRS. • The functions prescribed by the Prudential Authority in terms of the Prudential Standards are performed. Remco is chaired by an independent non-executive director and is comprised of independent non-executive directors of PPS Insurance. No employee is involved in deciding their own remuneration. The Group Chief Executive Officer and the Group Executive: Human Resources attend the meetings of Remco by invitation, but are recused from any discussions and/or decisions pertaining to their own remuneration. Remco does not assume the functions of management, which remain the responsibility of the executive directors, officers and other members of the senior management. Remco operates in accordance with the Terms of Reference approved by the PPS Insurance Board. Remco has complied with the obligations as set out in its Terms of Reference and is satisfied that the objectives of the Remuneration Policy have been achieved. The Remco meetings held during the year and attendance thereat were as follows: Group Remuneration Committee 20 Feb 2023 5 June 2023 15 Nov 2023 Dr D P du Plessis (Chairman) Mr C Erasmus Dr S N E Seoka Prof H E Wainer Report to the PPS Insurance members by Remco This report covers the key activities undertaken by the Remco during the year, including the PPS Group’s Remuneration Philosophy and Policy. Remco is satisfied that it fulfilled its duty to provide independent oversight on remuneration related matters. Some highlights for the year include: • The successful implementation and transition of the One PPS annual remuneration review for all staff to take place in the same period across the Group to ensure the achievement of efficiency, good governance and consistency in approach as it relates to remuneration decisions. 99 Remuneration report by the Group Remuneration Committee
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