Report of the audit and risk committee
for the year ended 31 March 2020

The audit and risk committee (‘the committee’) is pleased to submit its report in compliance with section 94(7)(f) of the Companies Act, 2008. The committee has fulfilled its duties in terms of its statutory obligations contained in the Companies Act, 2008, the JSE Listings Requirements, its terms of reference and the King IV Code on Corporate Governance in South Africa.

Statutory duties

The committee is satisfied that in respect of the financial year it has performed all the functions required by law to be performed by an audit and risk committee, including as set out in section 94 of the Companies Act of South Africa and in terms of the committee’s terms of reference and as set out in the corporate governance report. In this connection, and with specific regard to the preparation of the annual financial statements, the committee has:

Evaluation of the expertise and experience of the Financial Director

The committee has also considered and satisfied itself of the appropriateness of the expertise and experience of the Financial Director, Mr R Erasmus, and the finance function.

Recommendation of the annual financial statements and accounting policies to the Board for approval

The committee reviewed the accounting policies, judgements, estimates and content of the annual financial statements for the 2020 financial year. The committee is satisfied that they are adequate and appropriate and that the financial statements comply with International Financial Reporting Standards, the Companies Act, 2008 and the JSE Limited Listings Requirements. To this end the committee recommended the annual financial statements to the Board for approval.

MH Ahmed
Chairman

28 May 2020