NVFH 2020 Integrated Annual Report

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The Committee is satisfied that the Group has optimisedthe assurance coverage obtained from managementand external assurance providers, in accordance with anappropriate combined assurance model.The Committee has, at its meeting held on 25 May 2020,recommended the Integrated Report for approval by theBoard, subject to certain stylistic and formatting changesrequested at that meeting.• Going concernThe Committee has reviewed a documented assessmentincluding key assumptions, prepared by management, ofthe going concern status of the Company and has maderecommendation to the Board in accordance therewith.The Board’s statement on the going concern status of theCompany, as supported by the Committee, is elsewhere inthe Integrated Report.until his appointment onto the Board. The Group is currentlyassessing the appropriate course of action to take in respectof the appointment of a permanent Financial Director.Where necessary, additional skills and expertise have beencontracted to strengthen the overall timing and delivery ofoutputs, particularly in relation to IFRS and the preparationof the Annual Financial Statements. The Committee satisfieditself that the Interim Financial Director has the appropriateexpertise and experience to discharge the responsibilitiesof that role.The Committee has considered and has satisfied itself ofthe appropriateness of the expertise and adequacy ofresources of the Finance Function and the experienceof the senior members of management responsible forthe Finance Function, in conjunction with the insourcedexpertise and skills.• Governance of riskThe Committee is further assigned oversight of the Group’srisk management function. The Committee fulfils thisoversight role with particular regard to financial reportingrisks, internal financial controls, fraud risk as it relates tofinancial reporting, and information technology risk._____________________________Dr Lana WeldonChairman25 May 2020• Internal auditDuring the year under review, the Group did not have aninternal audit function. The Committee is satisfied that thecurrent nature of the business warrants a Group Compliancefunction as opposed to an internal audit function. TheCommittee has satisfied itself that no factors have arisen whichhave caused the Committee to amend its recommendationthat no internal audit function is required for the Group atthis time. In addition, the Committee continually assessesthe need to establish an internal audit department as theGroup’s operations increase and this is a standing agendaitem for consideration at each meeting. The Board has takenresponsibility to ensure that an effective governance, riskmanagement and internal control environment has beenmaintained.During the year under review, the Committee had theopportunity to meet with the external auditors withoutmanagement being present.The Committee is satisfied that it has complied with its legal,regulatory and other responsibilities.Evaluation of the expertise and experience ofthe Financial Director and the Finance FunctionMr Glenn Orsmond resigned as Financial Director of theGroup with effect from 01 May 2019 in order to take up aposition in the aviation industry. Charl Herselman CA(SA)was subsequently appointed to serve on the Board asInterim Financial Director with effect from 1 November 2019.Charl had already fulfilled the duties and responsibilitiesof the Financial Director since the departure of GlennOrsmond as well as having served as Head: Group Finance60NVest Financial Holdings Limited | INTEGRATED ANNUAL REPORT 2020
Remuneration andNominationsCommittee ReportNVest’s Remuneration and Nominations Committee have been assignedresponsibilities relating both to Group remuneration as well as responsibilitiesordinarily allocated to a Nominations Committee.The Committee is empowered by the Board of Directors of NVest (“the Board”)to set medium and long-term remuneration for Executive Directors and to furtherassist the Board in ensuring that Group remuneration and recruitment is alignedwith the overall business strategy, with the aim of enabling NVest to attract andretain personnel who will create long-term value for all stakeholders.Jonathan GoldbergChairman - Remunerationand Nominations Committeeand Group Board of DirectorsBACKGROUND STATEMENTThe Board has considered the impact of the King IV Code on CorporateGovernance (“King IV”) on the Remuneration Policy as well as the amendedJSE Listing Requirements and presents this Report in two parts. The Chairman’sand CEO’s Reports provide context to the decisions and considerations takenduring the reporting year which influenced the remuneration outcomes and willinfluence remuneration going forward.The Board has the task to ensure that the Company and the major subsidiaryCompanies comply with the necessary principles as set out in the King Report onGovernance for South Africa (King IV) and relevant sections of the CompaniesAct, 2008 (No. 71 of 2008) (“the Act”) when determining the remuneration ofsenior Executives and Non-Executive Directors.Since the presentation of the summary of the last Remuneration Policy (“thePolicy”) to shareholders, no material changes were made to the RemunerationPolicy and structure of the Group.The Company has once again offered no awards in terms of its Share IncentiveScheme and has made the decision not to offer any further performance-basedawards until it is comfortable that it has found a mechanism to ensure that anyawards offered are value-adding to the Group. The Company continues toassess various alternatives available to it in terms of implementing a performancebasedShare Incentive Scheme.Given the diversified nature of the Group, the intention of the RemunerationReport is to provide an overview and understanding of NVest’s remunerationphilosophy and focuses on Executive and Non-Executive Director remuneration.Terms of Reference:The Committee’s framework is guided by the Committee’s terms of referencewhich have been approved by the Board. The terms of reference are reviewedevery twelve to fifteen months to ensure that they are updated in line with relevantnew legislation and are always aligned with the Group’s prevailing strategy.Committee members, meeting attendance and assessment:The Committee is independent and consists of three Independent Non-ExecutiveDirectors. It meets at least twice per year as per the terms of reference. ExecutiveNVest Financial Holdings Limited | INTEGRATED ANNUAL REPORT 2020 61
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GroupAwards2019 Morningstar Award-
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Contents06 Chairman’s Report08 Ch
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01ABOUTNVESTHOLDINGSNVest Financial
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As a consequence of all of these th
Page 13 and 14: those of the previous year and, sec
Page 15 and 16: SubsidiaryFeb 2020RevenueFeb 2019Re
Page 17 and 18: worldwide, resulting in an economic
Page 19 and 20: REVENUE - FEB 2020REVENUE (R)Invest
Page 21 and 22: ANTHONY DENIS GODWIN (60)CHIEF EXEC
Page 23 and 24: DR LANA JOY WELDON (46)INDEPENDENT
Page 25 and 26: Siviwe Relebohile Kwatsha (41)Group
Page 27 and 28: Name:Rob MastersLocation:NFB PWM EL
Page 29 and 30: Name:Melany AnnandaleLocation:NFB I
Page 31 and 32: 02GROUPAFFAIRSNVest Financial Holdi
Page 33 and 34: 199019941995Beyond our borders. NFB
Page 35 and 36: Our BusinessSummaryBrand Core Produ
Page 37 and 38: The evolutionof the NFB Brand1985NA
Page 39 and 40: NFB Private Wealth Management -the
Page 41 and 42: NFB Private Wealth Management- triu
Page 43 and 44: Loaves & Fishes NetworkDeep poverty
Page 45 and 46: NVest Financial Holdings Limited |
Page 47 and 48: Corporate Governance& Sustainabilit
Page 49 and 50: needs of the Board in considering s
Page 51 and 52: A detailed report of the Social and
Page 53 and 54: Legal Compliance: The inherentrisk
Page 55 and 56: PART 5.2: Strategy, performance and
Page 57 and 58: Principle 9Evaluations of the perfo
Page 59 and 60: • the Group’s risk management a
Page 61 and 62: (bb) the Organisation for Economic
Page 63: • internal audit policy including
Page 67 and 68: an incentive basis (mainly through
Page 69 and 70: Directors Responsibilitiesand Appro
Page 71 and 72: IndependentAuditor’s ReportIndepe
Page 73 and 74: Key audit matterGoodwill assessment
Page 75 and 76: material uncertainty exists, we are
Page 77 and 78: GeneralInformationNVest Financial H
Page 79 and 80: NVest Financial Holdings Limited an
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NVest Financial Holdings Limited an
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GeneralInformationCompany NameDate
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Notice of AnnualGeneral Meeting & P
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Explanatory note for ordinary resol
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person/s authorised by the board),
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In order for this resolution to be
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Special Resolution Number 1 -Genera
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(c)) and in terms of the memorandum
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NVFH 2020 Integrated Annual Report

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