ECIC IR 2023

Integrated Report 2023

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Finance, Investment, and Insurance Committee The Finance, Investment and Insurance Committee is comprised of three (3) independent non-executive directors and two non-independent non-executive directors ( the dtic representative and the National Treasury representative (Mr. E Makhubela’s appoint ment was effective 20 June 2022). Meetings are also attended by the statutory actuary and investment managers on invitation. The committee met seven (7) times during the 2022/23 financial year under review, with 1 of those meetings being a continuation meeting and the 2 special meetings to consider projects. Activities in 2022/23 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; • monitored asset managers’ and the statutory actuary performance; • 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; • oversaw the local mandates, selection of new managers and termination of managers; • monitored the absorption of the IMU liability onto the Corporation’s books; • reviewed and oversaw the utilisation of the annual budget; • helped the Board ensure that the ECIC’s investment portfolio is adequately managed. Plans for 2023/24 The Committee’s plans for 2023/24 include, among others, the following: c Close monitoring of the Ghana projects c In-depth consideration of ESG matters – some failures due to governance c Fund Managers Transformation Strategy c Allocation of risk pool

• advised the Board, prior to decision-making, on the risks and implications of proposed strategic transactions on the Corporation’s risk appetite and tolerance levels, which included the sourcing of independent external advice, where appropriate; • regularly reviewed and approved Risk Register measures and methodology; • set Risk Dashboard to monitor critical risks accurately and timeously; • advised the Board on existing risk exposures (Portfolio Report) and future risk strategy; • received and considered all risk matters reported by the Board and/or committees; • reviewed reports of material breaches of risk limits and the adequacy of proposed actions; • ensured that appropriate resources were available to manage risk and that those responsible had access to the necessary information to perform their function effectively; • had oversight responsibility for the Business Continuity and Disaster Recovery Plan; • evaluated the adequacy and effectiveness of the enterprise risk management system; • reviewed risk policies, including the underwriting risk policy and operational risk policy; • monitored the Corporation’s ICT framework and strategy; • reviewed annual regulatory returns submitted to the Prudential Authority; • reviewed the ORSA Report. The committee believes that it discharged its obligations adequately during the year in respect to risk management, compliance, ICT governance, capital management and solvency activities and re-insurance activities. Plans for 2023/24 The Committee’s plans for 2023/24 include, among others, the following: c Consider the Corporation’s holistic risks; project risk assessments and exposure and advise the Board on the appropriate risk appetite which should be accepted; c Consider material risks for approved projects raised by Finance, Investment and Insurance Committee and/or the Risk Function; c Consider the succession planning of all Committees and the Board, from a risk perspective.

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