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AFRICAN DAWN Annual Report 2016

Corporate Governance continued 5. Audit and Risk Committee (continued) Composition: At the year end the committee consisted of: HH Hickey (Chairman), V Lessing, SM Roper The audit committee comprises of three independent non-executive directors (HH Hickey, V Lessing and SM Roper). The committee is chaired by HH Hickey, who is a Chartered Accountant and highly skilled with extensive experience in various fields, with a strong risk and governance background. Due to the changes in the Companies Act and complexity of IFRS, specialised knowledge is needed from time to time and this is contributed by invitees attending meetings on an ad-hoc basis. Frequency of meetings: Meetings took place five times during the period, and a minimum of two meetings per year are required. The audit committee has an independent role with accountability to both the shareholders and the Board as per its terms of reference that were approved by the Board. The committee does not assume the function of management which is vested in the executive directors, officers and members of the executive committee, but is notified of any material risks or disagreements with external auditors. 6 Mar 2015 26 Aug 2015 12 Oct 2015 21 Dec 2015 22 Feb 2016 Mrs. HH Hickey √ √ √ √ √ Mr. SM Roper √ √ √ √ √ Ms. V Lessing √ √ √ √ A Mr. JK van Zyl # N/a N/a N/a √ N/a Mr. WJ Groenewald # √ √ √ √ √ Mr. EA van Heerden # √ √ √ √ N/a Mr. G Hope # N/a N/a N/a N/a √ # invitee Roles and responsibilities • Integrated and financial reporting • Review and comment on the annual financial statements, annual integrated report, annual condensed results, interim results, trading update announcement to ensure compliance with International Financial Reporting Standards, the JSE Listings Requirements and the Companies Act; • Review and approve the appropriateness of accounting policies, disclosures and the effectiveness of internal financial controls; • Perform a review of the Group’s integrated reporting function and progress and consider factors and risks that could impact on the integrity of the Integrated Annual Report; • Recommend the Integrated Annual Report to the Board for approval. • Determine the levels of assurance required on integrated and financial reporting. It should be noted that Afdawn’s focus for the year was on improving the Annual Financial Statements in order to improve the quality due to the issues noted during the year. The Integrated report will be a journey that the group will embark on over the next few years. AFRICAN DAWN ANNUAL REPORT 2016 15


AFRICAN DAWN Annual Report 2016
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