AUDIT COMMITTEES’ REPORTS (continued) 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, BSc, MBA, DBA, CD(SA) Member of GAC since 2020 Mr C Erasmus, BSc, FIA, FASSA, Member of GAC since 2009 Prof W E Maroun, B Acc (Hons), M Acc, PhD, CA(SA), Appointed as a member of the GAC on 1 January 2024 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 (Appointment terminated 8 June 2023) Specialist consultant: Dr C E Rabin, D Phil, CA(SA), specialist consultant to the GAC since 2011, formerly a member of the GAC from 2005 to 2011 (Retired 19 June 2023). Meetings held during the year and attendance thereat: Group Audit Committee 2 Mar 2023 1 June 2023 5 Sep 2023 8 Nov 2023 Prof H E Wainer (Chairman) Ms D L T Dondur Dr D P du Plessis Mr C Erasmus Mr P Ranchod Dr J A van der Merwe (Appointment terminated 8 June 2023) N/A N/A Dr C E Rabin* (Retired 19 June 2023) N/A N/A Prof W E Maroun (Appointed 1 January 2024) N/A N/A N/A N/A N/A = Not applicable * Consultant Note: Ad hoc committee meetings: In addition to the above meetings, an ad hoc committee meeting of the sub-committee of the members of the GAC was held on 1 June 2023 in regard to a possible restructure of a subsidiary. The GAC comprises of six Non-Executive PPS Insurance Directors, all of whom are independent. Dr Rabin, who had formerly served as a member of the GAC from 2005 to 2011, and subsequently served as a consultant to the GAC from 2011, retired on 19 June 2023. Four of the members of the GAC are Chartered Accountants. The remaining members of the GAC are an actuary and a risk management specialist, respectively. The Boards are satisfied that the members of these Committees have sufficient recent and relevant financial experience to enable them to carry out their duties and responsibilities and that the members of the Committees bring a wide range of relevant experience and expertise. The GAC meets at least four times a year, while the TAC is scheduled to meet at least twice a year. The Chairmen of the Group Risk Committee and the Group Actuarial Committee are also members of the GAC. The Head of the Actuarial Function and Statutory Actuary, the Executive: Actuarial Services, the external auditors, the Head of the Internal Audit Function, the Head of the Risk Management Function and other relevant role players are present at each meeting of the GAC. The external auditors are present at each meeting of the TAC. The GAC has an oversight role in regard to the Risk and Audit Committees of PPS Investments and PPS Short-Term Insurance, which report to the GAC at its quarterly committee meetings. 93 Audit committees’ report
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