The Old Mutual Life Assurance Company South Africa (OMLACSA) Board of Directors delegates key responsibilities to various committees. The committees are wholly independent of Old Mutual’s management and are chaired by independent, non-executive directors.
Each committee has a Terms of Reference and reports to the Board as required. They are supported by the Company Secretary and can seek independent, professional advice when necessary.
Audit Committee
Duties:
- Preparation of financial and statutory accounts.
- Monitoring legislative compliance.
- Monitoring internal audit assessments.
- Ensuring adequate and efficient operational compliance with Old Mutual plc.
Membership:
IB Skosana (Chair), CE Maynard, GS van Niekerk, AA Maule, P Truyens
Risk Committee
Duties:
- Implementation of risk control systems.
- Monitoring legislative compliance.
- Ensuring adequate and efficient operational compliance with Old Mutual plc.
Membership:
P Truyens (Chair), PC Baloyi, AS Birrell, K Murray, IB Skosana, AH Trikamjee.
Environment Committee
Duties:
- To provide input into business strategy with regards both internal and external stakeholders.
- To focus on government relations and transformation issues.
Membership:
Prof IA Goldin (Chair), KD Dlamini, NMC Nyembezi-Heita, F Robertson, AH Trikamjee
Remuneration Committee
Duties:
- To oversee remuneration policies for employees.
- To oversee terms, conditions and salaries for Old Mutual’s executives.
Membership:
AA Maule (Chair), AS Birrell, KD Dlamini, PB Hanratty, CE Maynard
Corporate Governance & Nomination Committee
Duties:
- To assist the Board in ensuring that adequate and effective corporate governance is established and maintained.
- To ensure that the Board structures meet Old Mutual plc and South African corporate governance requirements.
- To assist the Directors in the appointment of new Directors and Committee members.
- To monitor the continued application of sound governance practices in the Group.
- To review the structure, size, composition and mix of skills and experience of the Board and its committees.
Membership:
GS van Niekerk (Chairman), AH Trikamjee, IB Skosana, GT Serobe,
PB Hanratty
Other Committees
Ad hoc committees or working groups are established to deal with specific matters as the need arises. These are dissolved when the project/ issue has been resolved.