Governance and Sustainability

Report of the investment committee


Mr PL Campher  
(Committee Chairman)  
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  Ms ZBM Bassa  
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  Mr IN Matthews  
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  Ms LM Mojela  
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  Mr MV Moosa*  
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Independent non-executive director     Independent non-executive director     Independent non-executive director     Independent
non-executive director  
  Non-executive director  
Meeting attendance: 13/13     Meeting attendance: 12/13     Meeting attendance: 12/13     Meeting attendance: 10/13     Meeting attendance: 3/3  

* Appointed to the investment committee on 25 May 2014 and attended as an invitee since inception.  



As one of the Group’s strategic priorities is to grow the business, the investment committee (“the committee”) was constituted as a sub-committee of the board, at the request of the Chief Executive. The committee was accordingly established in May 2013 given the Group’s increased transactional activity. The main purpose of the committee is to robustly consider and interrogate at an initial stage the suitability, viability and feasibility of proposed investments. The committee has had a busy year in terms of fulfilling its mandate.


The committee is mandated by the board and by its terms of reference to consider and evaluate the viability of proposed investment opportunities, disposals, and expansion projects. The committee then provides a recommendation to the board for its consideration and approval.

Given the nature and fluidity of the various transactions, the committee convenes monthly by way of teleconference to consider various investment proposals as presented by management. This includes potential transactions and transactions that have been approved by the board pending condition precedents to be fulfilled. The minutes of the committee meeting are made available to the board within one week of each meeting in order to ensure that the board is apprised of relevant developments.

The committee is to hold in person meetings each quarter, in addition to its monthly teleconferences in the upcoming year.


The committee has considered potential strategies relating to the Group’s existing asset portfolio as well as expansion opportunities. In doing so, it has reviewed the various proposals in terms of alignment to the Group’s strategic priorities and the prospects of success. The transactions are adjudicated against the Group’s investment criteria and consideration is given to the strategic; reputational; financial and operational risks related to any proposed transaction, particularly as the group enters new product markets and jurisdictions.

There are certain investment fundamentals that are mandatory in terms of the committee’s assessment requirements. Management conduct country risk assessments; comprehensive due diligences and probity assessments on any new potential partners in any proposed investment. Management ensures that any new project is carefully assessed and only in the event that the committee is comfortable with the investment proposal, does it then proceed to the board with a recommendation from the committee.


The committee has effectively discharged its duties in terms of its mandate and responsibilities and has had the relevant oversight over management’s proposals which are considered in context of the group’s overall strategy.