{"id":1164,"date":"2014-10-22T10:39:56","date_gmt":"2014-10-22T08:39:56","guid":{"rendered":"http:\/\/www.remgro.com\/ar2014\/financial-report\/audit-and-risk-committee-report\/"},"modified":"2014-10-27T16:15:19","modified_gmt":"2014-10-27T14:15:19","slug":"audit-and-risk-committee-report","status":"publish","type":"page","link":"https:\/\/www.remgro.com\/ar2014\/index.php\/financial-report\/audit-and-risk-committee-report\/","title":{"rendered":"Audit and Risk Committee Reportto the shareholders of remgro limited<\/small>"},"content":{"rendered":"
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This report by the Audit and Risk Committee (the committee), as appointed by the shareholders in respect of the year under review, is prepared in accordance with the recommendations of King III and the requirements of the Companies Act (No. 71 of 2008), as amended (Companies Act) and describes how the committee has discharged its statutory duties in terms of the Companies Act and its additional duties assigned to it by the Board in respect of the financial year ended 30 June 2014.<\/p>\n

Committee members and attendance at meetings<\/h2>\n

The committee comprises four independent non-executive directors (as set out in the table below) and is chaired by Mr\u00a0Herman\u00a0Wessels who is a Chartered Accountant. All the committee members are suitably skilled and experienced. In terms of the committee\u2019s mandate, at least four meetings should be held annually.<\/p>\n

Composition of the committee<\/h4>\n\"\"\n\n\n<\/map>\n<\/div>\n
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The Chief Executive Officer, Chief Financial Officer, head of internal audit and representatives of the external auditors attend the committee meetings by invitation. Committee agendas provide for confidential meetings between committee members and the internal and external auditors, as well as management.<\/p>\n

Role and Responsibilities<\/h2>\n

The committee\u2019s role and responsibilities include its statutory duties as per the Companies Act, as well as the responsibilities assigned to it by the Board.<\/p>\n

The committee is satisfied that it has fulfilled all of its duties during the financial year under review, as further detailed below.<\/p>\n

Since the disposal of TSB to RCL Foods during January 2014, Remgro\u2019s principal remaining wholly owned operating subsidiary is Wispeco.<\/p>\n

Wispeco\u2019s Audit and Risk Committee functions as a subcommittee of the committee and reports to this committee at each meeting by way of inclusion of the minutes of the meetings held by it in the committee\u2019s agenda. The committee has also satisfied itself that there are effective audit committees functioning at the Company\u2019s significant non-wholly owned subsidiaries, associates and joint ventures, whose minutes of meetings held are also included in the committee\u2019s agenda.<\/p>\n

More information about the functioning of the committee and the matters dealt with in this report can be found in the Corporate Governance Report and Risk Management Report.<\/p>\n<\/div>\n<\/div>\n

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Statutory duties<\/h4>\n

In the conduct of its duties, the committee has performed the following statutory duties:<\/p>\n