The Audit Committee and Nominations and Remuneration Committee are established sub-committees which assist the board in performing its duties. In accordance with King III, the Risk and Sustainability Committee was established as a separate committee during the 2010 financial year to provide specific attention to broader risk management and sustainability factors impacting the group. The function had previously been performed by what was known as the Risk Management and Audit Committee.
Each sub-committee is governed by formalised Terms of Reference which are reviewed from time to time to ensure adequate alignment to prevailing legislation, regulations and best corporate governance trends. The Terms of Reference for all sub-committees were updated and approved by the board during the year to refl ect amendments made for King III compliance.
In line with King III, the chairmen of all sub-committees will in future attend the company’s annual general meeting.
The composition of the board’s sub-committees is as follows:
Nominations and Remuneration Committee
Risk and Sustainability Committee
Karen van Haght