ECIC AR 2024 9TH

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

Integrated Report 2024

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

Finance, Investment, and Insurance Committee The Finance, Investment and Insurance Committee is comprised of three (3) independent non-executive directors and two non-executive directors ( the dtic representative and the National Treasury representative). Meetings are also attended by the statutory actuary and investment managers on invitation. The committee met five (5) times during the 2023/24 financial year under review, with one (1) of those meetings being a special meeting to consider project claims. Activities in 2023/24 The Committee undertook, among others, the following activities: • Reviewed investment policies; • Oversaw the development of the Investment Strategy; • Oversaw and guided the implementation of the Corporation’s asset managers’ mandates and monitored asset managers and the statutory actuary performances; • Provided information to the Board on the achievements and challenges experienced by the Corporation’s fund managers and the economic outlook locally and globally; • Monitored investments to ensure optimal returns and that ECIC’s investment portfolio is adequately managed; • Monitored the absorption of the IMU liability onto the Corporation’s books; • Reviewed and oversaw the utilisation of the annual budget; • Considered and recommended the approval of the short-term insurance strategy and underwriting criteria; and • Approved short-term insurance transactions in line with the Corporation’s expanded mandate. Plans for 2024/25 The Committee’s plans for 2024/25 include, among others, the following: • Close monitoring of the African continent and the Corporation’s exposure within countries facing fiscal challenges; • In-depth consideration of ESG matters — some failures due to governance;

• Fund managers transformation strategy and initiatives; • Implement a review exercise which considers what would be an optimal insurance portfolio for the Corporation, to ensure that transactions that are considered and approved by the Corporation remain strategic, in line with the mandate and are commercially sound; and • Allocation of the risk pool. Human Resources and Remuneration Committee The Human Resources and Remuneration Committee consists of the Board Chairperson as well as four other independent non-executive directors. The Committee met five (5) times during the 2023/24 financial year, with one (1) of those meetings being a continuation meeting. Areas of Responsibility The Human Resources and Remuneration Committee is responsible for ensuring that remuneration matters are fair, responsible and in line with the remuneration philosophy. The committee oversees the implementation of the Remuneration Policy and makes recommendations to the Board regarding the remuneration of employees and remuneration matters of non executive directors. The Committee considers Board and executive succession as well as the Board’s induction and continuing development programme. Activities in 2023/24 Some of the matters that the Human Resources and Remuneration Committee addressed during the reporting period included: • Considered labour law legislative updates; • Considered the employee annual salary increases for 2023/24; • Reviewing the Corporation’s remuneration policies and monitoring their implementation and effectiveness; • Developing the year’s human capital strategic plan; • Considered the Employee Equity Plan for 2023 – 2028;

YOUR EXPORT RISK PARTNER

66