Audit and risk committee report

The audit and risk committee has pleasure in submitting this report, as required in terms of the Companies Act. The audit and risk committee is an independent statutory committee and consists of three non-executive directors who act independently as described in section 94 of the Companies Act. Its members comprise the chairman, Mr JW Dreyer (BCom, LLB, HDip Co Law, HDipTax), Ms SEN Sebotsa (LLB(Hons) LSE, MA (McGill), SFA) and Mr TV Mokgatlha (BCompt(Hons), CA(SA)). During the year under review, two meetings were held and all the committee members attended both the meetings. At the meetings,
the members fulfilled all their functions as prescribed by the Companies Act and its charter as approved by the board. A detailed list of the functions of the audit and risk committee is contained in the corporate governance report here. The audit and risk committee has satisfied itself that the auditors are independent of the company and are thereby able to conduct their audit functions without any undue influence from the company.

JW Dreyer
Chairman of the audit and risk committee

12 September 2012




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