The Combined Audit and Actuarial Committee comprises four (4) non-executive directors, one of whom is the Chairperson. The Group Chief Executive Officer and Group Finance Director attend these meetings in ex-officio capacities. The Combined Audit and Actuarial Committee has written terms of reference and is tasked with ensuring financial discipline within the Group, sound corporate values and financial procedures.

This Committee is further tasked with reviewing and recommending the interim and annual financial statements of the Group and considering any accounting practice changes. The Committee also recommends the appointment and reviews the fees of the external auditors. The Group’s Audit and Risk Management Executive and the independent auditors are invited to attend all meetings and have unrestricted access to this Committee to ensure their independence and objectivity.

In respect of actuarial work, the Committee is tasked with protecting policyholders’ interests by:

• Ensuring separate accounting for the assets of policyholders and shareholders of the insurance companies in the Group;
• Devising and ensuring adherence to profit participation rules; and
• Reviewing actuarial valuation reports and monitoring implementation of actuarial recommendations.

The actuary of the Group is invited to attend all the Committee meetings.

A Makonese, N Dube