ECIC IR 2023

Integrated Report 2023

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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 six (6) times during the 2022/23 financial year, with 2 of those meetings being special meetings to consider material operational matters. 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 and determines the Board’s induction and continuing development programme. Activities in 2022/23 Some of the matters that the Human Resources and Remuneration Committee addressed during the reporting period included: • Taking account of business performance and recommended the 2021/22 short-term incentive pay-outs; • Reviewing the Corporation’s remuneration policies and monitoring their implementation and effectiveness; • Developing the year’s human resources strategic plan; • Reviewing the performance of the CEO and members of the Executive Management Committee. • Involved in the recruitment process of the CEO following the end of employment term of the previous CEO. Plans for 2023/24 • Review of remuneration policies to ensure that the Corporation continues to remunerate employees fairly • Ensure that the Corporation enhances its performance management and puts the necessary controls and measures to mitigate possible weaknesses.

• Consider the efficacy and efficiency of the hybrid working system and the inherent, including the operational and risk elements of such system.

Social and Ethics Committee Statutory Report The Social and Ethics Committee is constituted as a statutory committee of the Board under section 72(4) of the Companies Act, 71 of 2008 as amended (read with Regulation 43 of the Companies Regulations). The Social and Ethics Committee Chairperson presented a report on the Social and Ethics matters at the Corporation’s 21st Annual General Meeting. The committee met three (3) times during the 2022/23 financial year. Responsibilities The committee fulfils its functions and responsibilities in terms of the Companies Regulations 2011 and, from time to time, other Board-assigned functions. These responsibilities are documented in the committee’s Terms of Reference and annual work plan. Activities in 2022/23 The committee received several management reports and considered the following matters within its mandate: • confirmation that the ECIC’s business conduct is aligned with the applicable UN Global Compact Principles and OECD Recommendations Against Corruption regarding human rights, labour standards, the environment and anti-corruption; • the corporate social investment programme; • progress against the ECIC’s employment equity plans; • consumer relationships to ensure that industry specific consumer protection legislation and policies (i.e., FAIS, Short-Term Insurance Act) are in place and compliance managed performance against the dtic ’s generic Broad-based Black Economic Empowerment scorecard to achieve the highest rating possible. • The committee focused specifically on: o stakeholder engagement (pages 62 of this report) o marketing and communication initiatives (page 63 of this report) o socio-economic development initiatives (page 83 of this report)

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