ECIC AR 2024 9TH

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Integrated Report 2024

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the Social and Ethics Committee. Committee Chairpersons report to the Board on their deliberations and recommendations. Activities in 2023/24 The Board undertook, among others, the following activities: • Approved projects which were strategically aligned with the Corporation’s mandate; • Approved valid claims to be paid by the Corporation; • Regularly considered the actual and potential solvency impact (scenarios) to appropriately navigate and mitigate the risks associated with the Corporation’s exposure to Ghana; • Approved the establishment of the Export Passport Insurance Facility, which aims to assist Black Industrialists and Exports requiring insurance cover; and • Provided oversight over the implementation of the Strategic/Corporate Plan. Plans for 2024/25 The Board’s plans for 2024/25 include, among others, the following: • Ensure that the Corporation approves projects that positively contribute towards the South African economy and promotes value creation; • Enhance and ensure that an ethical corporate culture is fully embedded into the organisation; • Monitor Board succession planning to ensure Board continuity; and • Ensure that the Corporation adequately and appropriately monitors its business activities, risks and capital to ensure the sustainability of the Corporation. Audit Committee The Audit Committee is constituted as a statutory committee in terms of the Companies Act, 71 of 2008 as amended, and is also responsible for all other duties assigned to it by the Board. During the year under review, the committee consisted of four (4) independent non-executive directors appointed by the shareholder at the Annual General Meeting. The Audit Committee met nine (9) times during the 2023/24 financial year, with four (4) of those meetings being special meetings to consider material operational matters and one (1) meeting

The CEO’s performance is also reviewed annually by the Board and Executive team and the relevant feedback provided therein. The Board, under the leadership of the Chairperson, remains committed to the process, which has been embraced as a valued feedback mechanism. Information Technology Governance The Audit Committee and Risk Committee monitor IT governance by considering the efficacy of IT controls, policies and processes and their risk to financial reporting and the effectiveness of financial controls. The Committees also monitor initiatives to manage IT risks appropriately to mitigate threats to operational continuity. Values and Ethics The ECIC’s values support its Code of Ethics and Business Conduct. Board members and employees are required to complete their annual declarations. Further, Board members and employees are required to declare conflicts of interest (real or perceived) between organisational obligations and personal interests. Should these arise, members are required to recuse themselves from the discussion and decision on the related matter at meetings. Board Committees In terms of the Memorandum of Incorporation and/ or the Companies Act, 71 of 2008 as amended, the Board has, effectively and efficiently, established committees and delegated responsibilities. The committees are governed by Board-approved Terms of Reference (TOR) that define the composition, role, responsibilities, and delegated authority of each committee. The respective TORs are aligned with regulatory requirements and governance best practice. Board Committee TORs are reviewed annually, as recommended by King IV. The Board Committees are the: 3) Finance, Investment, and Insurance Committee; 4) Human Resources and Remuneration Committee; and 5) Social and Ethics Committee. The Board remains ultimately accountable for the proper fulfilment of committee functions, including the statutory functions of the Audit Committee and 1) Audit Committee; 2) Risk Committee;

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