Risk committee report

This is the report of the risk committee (committee) of The Bidvest Group Limited appointed for the financial year ended June 30 2013 in compliance with the Companies Act and in terms of the JSE Listings Requirements.

The committee has a charter that complies with the Companies Act and King III requirements and is approved by the board of directors (board). Copies are available either from the company secretary on request, or can be downloaded from the company website.

Membership

The committee comprises seven directors namely Messrs NG Payne (chairman: an independent non-executive director), CWL Phalatse (independent non-executive chairperson of the board) and Ms T Slabbert (independent non-executive director), and Messrs B Joffe, BL Berson, DE Cleasby and LP Ralphs (executive directors).

Purpose

We have integrated King III recommendations, and these along with identified Group requirements make up the overall function of the committee being:

setting out a formal policy and plan for the management of risks;
reviewing and assessing the integrity and effectiveness of the risk management process annually;
considering annually the consolidated risk assessment results and determining trends, common areas of concern, emerging risks, and the most significant risks for reporting to the board;
monitoring and reviewing changes in stakeholders’ expectations, corporate governance codes and best practice guidelines relating to risk issues;
reviewing and approving the insurance renewal programme; and
assisting the board with activities relating to the governance of information technology.

Duties carried out

The committee assists the board in recognising all material risks to which the Group is exposed and ensuring that the requisite risk management culture, policies and systems are progressively implemented and functioning effectively. Management is accountable to the board for implementing and monitoring the processes of risk management and integrating this into day-to-day activities. Divisional risk committees and risk registers are established and these are communicated to a Group risk level..

An ongoing enterprise-wide risk assessment process supports the Group philosophy. This ensures risks and opportunities are adequately identified, evaluated and managed at the appropriate level in each division, and that their individual and joint impact on the Group is considered. The internal auditors assist in evaluating the effectiveness of the risk management process and comment on this in their own assessment reports..

Attendance

The names of the members who were in office during the period August 25 2012 to August 24 2013 and the details of the risk committee meetings attended by each of the members are:

 

Director November 21
2012
  February 25
2013
  May 28
2013
  August 15
2013
 
NG Payne (Chairman) ^   ^   ^   ^  
BL Berson ^   ^   A   A  
DE Cleasby ^   ^   ^   ^  
B Joffe A   A   A   ^  
CWL Phalatse*         ^   ^  
LP Ralphs ^   ^   ^   ^  
D Masson** ^   ^          
T Slabbert ^   ^   ^   A  
^ Attended in person, by video-conference or tele-conference. * Appointed March 1 2013.
A Apologies tendered. ** Retired March 1 2013.

Conclusion

The committee has performed its duties and responsibilities during the financial year according to its charter for the year ended June 30 2013, and has presented the Group key risk summary within the annual integrated report.

Nigel Payne
Chairman

 
Registered office South Africa
Bidvest House
18 Crescent Drive
Melrose Arch
Melrose
Johannesburg
2196
South Africa
Website: www.bidvest.com
Telephone: +27 (11) 772 8700
Facsimile: +27 (11) 772 8970
Email: info@bidvest.co.za
 

 

 

 

 

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