NVFH 2020 Integrated Annual Report

Audit & Risk
Committee Report
for the year ended 29 February 2020.
We are pleased to present our Report for the financial year ended 29 February
2020.
The Audit and Risk Committee (“the Committee”) is an independent
statutory committee nominated by the Group Board of Directors (“the
Board”) and appointed by the shareholders of NVest. Further duties are
delegated to the Committee by the Board. This Report includes both these
sets of duties and responsibilities.
Dr Lana Weldon
Chairman - Audit and Risk Committee
Committee Terms of Reference:
The Committee has adopted formal terms of reference that have been
approved by the Board. The Committee has conducted its affairs in compliance
with its terms of reference and has discharged its responsibilities contained
therein. The terms of reference are available on the Company’s website, at
www.nvestholdings.co.za and are also available on request.
Committee members, meeting attendance and assessment:
The Committee consists of two Independent Non-Executive Directors (Lana
Weldon and Lusanda Mangxamba) and one Non-Executive Director (Dylan
Schemel). It meets at least twice per year as per its terms of reference. The
Chairman, Chief Executive Officer, Group Financial Director, external auditors, a
representative of the Designated Advisor and other assurance providers (Legal,
Compliance, Risk, IT, Health and Safety) attend meetings by invitation only. The
Committee is chaired by Independent Non-Executive Director Dr Lana Weldon.
During the year under review four meetings were held as set out below:
Name of member 20 May 2019 19 August 2019 18 Nov 2019 17 Feb 2020
Dr Lana Weldon Present Present Present Present
Lusanda Mangxamba Present Present Present Present
Dylan Schemel Present Present Present Present
The effectiveness of the Committee and its individual members is assessed on
an annual basis.
Role and responsibilities
The Committee is guided by its terms of reference dealing with membership,
structure and levels of authority and has the following responsibilities:
• ensuring compliance with applicable legislation and the requirements of
regulatory authorities;
• nominating for appointment a registered auditor who, in the opinion of the
Audit and Risk Committee, is independent of the company;
• matters relating to financial accounting, accounting policies, reporting and
disclosure;
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NVest Financial Holdings Limited | INTEGRATED ANNUAL REPORT 2020