CORPORATE GOVERNANCE REPORT Group Actuarial Committee (AC) • To assist the boards in the execution of their fiduciary duties regarding the oversight of the reinsurance arrangements and risk transfer processes • To assist the boards with the execution of their responsibilities relating to the Own Risk and Solvency Assessment (ORSA) • To provide a sounding board for the Head of the Actuarial Function and the Company Actuaries in making recommendations to the boards and to consider, for tabling at board meetings, the recommendations of the Heads of the Actuarial Function and the Executives: Actuarial Services. The AC meetings held during the year and attendance thereat were as follows: Group Actuarial Committee 21 Feb 2022 23 May 2022 31 Aug 2022 14 Nov 2022 Mr C Erasmus (Chairman) P P P P Mr I J Smit P P P P Prof H E Wainer P P P P Group Remuneration Committee (Remco) The composition, roles, responsibilities and attendance at meetings of the Remco are set out in Remco’s Remuneration Report included in this Integrated Report. Members • Mr C Erasmus B Sc, FIA, FASSA (Chairman) • Prof H E Wainer B Acc, CA(SA), Registered Auditor • Mr I J Smit B Com (Hons), FASSA The AC is chaired by an independent non-executive director and is comprised of two independent nonexecutive directors of PPS Insurance and the Group CEO. The AC has an important role in overseeing the integrity of actuarial processes and the proper assessment of PPS Insurance Group Companies’ risk philosophy from an actuarial perspective, strategy, policies, financial and operational processes and controls, as well as assessments of major risks from an actuarial perspective. The AC’s activities are focused on considering actuarial assumptions and experience, product pricing and design, valuation results, risk metrics and reporting guidelines and practices adopted by the Heads of the Actuarial Function and the Group Executives: Actuarial Services, as well as other actuarial matters as applicable to PPS Insurance and any of its subsidiaries operating a life or short-term insurance licence. The AC acts as an adviser to the PPS Insurance, PPS Namibia and PPS Short-Term Insurance Boards and has the following primary responsibilities: • To assist the boards in fulfilling their oversight responsibilities regarding: – the accuracy and integrity of the actuarial statements; – compliance with actuarial, legal and regulatory requirements; and – the performance of the Actuarial Functions of PPS Insurance and PPS Short-Term Insurance. 76 Corporate governance report
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