73 I N T E G R A T E D R E P O R T 2 0 2 1 C O R P O R A T E G O V E R N A N C E During the year under review, the ACC met six times and received reports from the Head of Internal Audit on the various internal audit and investigations carried out by the internal audit team. It also took note of and approved the internal audit plan for the financial year. The Committee also reviewed the audited accounts, the management letters as well as quarterly financial statements presented by the Group Chief Financial Officer. Compliance reports from the Head of Compliance were also reviewed by the ACC to ensure that CFSL has implemented effective systems and practices to achieve compliance with laws, regulations and internal policies. In the light of the ongoing COVID-19 pandemic, the ACC worked with the external auditors to ensure that the Company’s allowance for impairment in light of its Expected Credit Losses (‘ECL’) calculation methodology were adequate and to the external auditor’s satisfaction. –AmédéeDarga, Chairperson “ ” The Board Investment Committee (‘BIC’) The BIC assists the Board of the Group in making investment and/or acquisition decisions within the mandate of the Committee, or any other matter delegated to it by the Board. The BIC meets on an adhoc basis as and when there are investment projects to be considered. It is composed of two independent Directors, namely Mrs Aisha Timol (Chairperson) and Mr. Amédée Darga, two non-executive Directors, namely Mr. Colin Taylor and Mr. Tim Taylor, and one executive Director, namely Mr. Mark van Beuningen. IT Sub-committee In light of the project initiated for the replacement of CimFinance’s core lending system, the Board constituted an adhoc IT sub-committee whose role is to support management on the evaluation and selection of a preferred vendor for the new core lending system. The IT sub-committee also provided valuable input in the finalisation of the project and contractual documents with the vendor. The IT sub-committee was composed of Messrs Fareed Jaunbocus, Matthew Taylor, Denis Motet, with Mr Amédée Darga as Chairperson.
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