‘03

Following the principles of the King 2 Report, the Board comprises seven independent and non-executive directors (41% of the Board), while six directors are non-executives. There are four executive directors on the Board.

Board committees undertake specific work of the Board and the management boards of the various group subsidiaries complement the work of the Board and its committees. 

The selection of new Board members is a matter for the entire Board, assisted by the Corporate Governance and Nomination Committee.

A formal orientation programme is supervised by the company secretary and familiarises new board members with company policies, operations, senior management, strategies and the business environment. Included in the two-day induction process is instruction as to the new member’s fiduciary responsibilities.

All directors have access to management, resources and information situated within the company and its subsidiaries. 

Directors retire upon rotation at age 70 for non-executive directors and at age 61 for executives. Non-executive directors are appointed for a three-year term, with effect from 1 January 2003, and serve a maximum two terms. 

Executive directors have no fixed tenure, but are subject to short-term notice periods.

Black individuals make up 35% of the Board. There is one female Board member, but no black female member yet.

In accordance with global best-practice the roles of chairman and managing director are separate with executive management of the company in the hands of Roddy Sparks as managing director, and his deputies: Paul Hanratty who oversees retail businesses and Peter Moyo who heads institutional business lines. Peter de Beyer is deputy managing director in charge of Service Technology and Administration.

The managing director and his deputies head the company's Management Executive Committee where executive management create and monitor corporate operational plans and strategies in co-operation with the Board of Directors.

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During 2003 the Board conducted an anonymous annual self-assessment survey. The second such survey is currently arising will be raised in further meetings of the Committee.

The Old Mutual South Africa Group Compliance Project was successfully completed during 2003.

The Corporate Governance and Nomination Committee members have agreed that they will consider the performance of individual committee members. Any issues arising will be raised in further meetings of the Committee.