CORPORATE GOVERNANCE REPORT Group Risk Committee (GRC) Members • Dr J A van der Merwe MB ChB, MBL, DBL, PED. (IMD) (Chairman) • Mr C Erasmus B Sc, FIA, FASSA • Dr D P du Plessis B Sc (QS), MBA, DBA, CD(SA) • Mr E J S Franklin B Sc Physics and Applied Mathematics, B Sc Elec Eng, M Sc Elec Eng (Manchester), MBA# • Mr I J Smit B Com (Hons), FASSA # Mr E J S Franklin was replaced by Mr L M de Villiers as a member of the Group Risk Committee with effect from 1 January 2023: Mr L M de Villiers DIS Information Technology Harvard, GITI Information Technology & Telecommunications INSEAD, National Diploma in Electronic Data Processing. The role of the GRC is to assist the PPS Group boards in discharging their fiduciary duties regarding risk management within the PPS Enterprise Risk Management and Governance Frameworks, which include: • Risk policy and the implementation of risk management • Risk governance structures • Risk infrastructure, processes and culture • The setting of risk appetite and tolerances • Risk assessment, profiling, mitigation and reporting • Assurance and stakeholder disclosures. The GRC is comprised of four independent non-executive PPS Insurance directors, who are risk management specialists, and the Group CEO. The GRC is chaired by an independent non-executive director. The GRC is scheduled to meet at least four times a year. There is overlap in the non-executive membership of the GRC, the GAC and the Group Actuarial Committee. The internal auditors and Heads of the Compliance and Risk Functions are present at each meeting, when reports are tabled outlining the progress in terms of the risk management framework, internal audit plans and an overview of the PPS Group’s risk profile. The GRC is satisfied that the risk assessments, responses and interventions for the PPS Group are effective. The GRC is responsible for the statutory compliance monitoring functions and makes reports to the GAC and Group Social and Ethics Committee on risk matters pertaining to those committees. The GRC considers and recommends the PPS Group Solvency Assessment and Management ORSA Report for approval by the PPS Insurance Board. The GRC also receives reports by the Risk and Audit Committees of the PPS Insurance subsidiaries which have such committees. The GRC established the Group Technology Steering Committee (GTSC) as a sub-committee of the GRC to, inter alia, assist and enable the GRC to discharge its responsibilities in relation to the management of Information Technology (IT) delivery and risks. There is overlap in the non-executive membership of the GRC and the GTSC. Further particulars of the GTSC are provided in this Integrated Report. The GRC meetings held during the year and the attendance thereat were as follows: Group Risk Committee 2 Mar 2022 23 May 2022 1 Sep 2022 9 Nov 2022 Dr J A van der Merwe (Chairman) P P P P Dr D P Du Plessis P P P P Mr C Erasmus P P P P Mr E J S Franklin P P P P Mr I J Smit P P P P 74 Corporate governance report
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