| CIM FINANCE. INTEGRATED REPORT 2022 80 CORPORATE GOVERNANCE 2. GOVERNANCE STRUCTURE 2.2 BOARD COMMITTEES (continued) THE AUDIT AND COMPLIANCE COMMITTEE (‘ACC’) The ACC monitors the audit-related and compliance-related issues of the Group. With regard to audit-related matters, the ACCmonitors the implementation of the internal audit recommendations, as well as the integrity of the Annual Report and the financial statements. The ACC alsomakes recommendations to the Boardwith regard to the appointment or removal of the external auditor. Moreover, it reports to the Board on significant financial reporting issues and judgements relating to financial statements. The ACC also has oversight responsibilities in terms of the management of compliance risks, maintaining internal controls and complyingwith established policies, procedures and controls. Furthermore, the Committeemakes recommendations to the Board concerning the implementation of internal controls and procedures to combat money laundering and the financing of terrorism. The ACC is composed of two independent Directors, namely, Mr. Fareed Jaunbocus and Mr Denis Motet and two non-executive Directors, namely Mr Amédée Darga (Chair) and Mr Matthew Taylor. The composition of the ACC will be reviewed to ensure that it composes of a majority of independent directors. All the members of the ACC are financially literate, with Mr Fareed Jaunbocus being a Chartered Accountant. “During the year under review, the ACC met 8 times and received reports from the Head of Internal Audit on the various internal audit and investigations carried out by the internal audit team and 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. The ACC also receives regular reports from the Head of Compliance who ensures that the Group complies with standards of good practices as well as applicable regulations and laws.” Amédée Darga, Chair. THE BOARD INVESTMENT COMMITTEE (‘BIC’) The BIC assists the Board of the Group by recommending 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 ad hoc basis as and when there are investment projects to be considered. It is composed of one independent Director, namely Mrs Aisha Timol (Chair) and, three non-executive Directors, namely Mr. Amédée Darga, Mr. Colin Taylor and Mr. Tim Taylor, and one executive Director, namely Mr. Mark van Beuningen. Given the ad hoc nature of the BIC and the fact that the BIC does not have any decisionmaking authority, the Board is of view that the BIC can be chaired by the Board Chairperson. During the year under review, the BIC met 5 times to discuss potential strategic opportunities. IT SUB COMMITTEE The Board constituted an ad hoc IT sub committeewhose role is to advisemanagement on IT related issues. During the financial year under review, the IT sub committeemet one time and provided valuable input into the finalisation of the acquisition of a fit-for-purpose, flexible, micro services-based digital insurancemanagement system. Such a systemwould contribute to the enhancement of operational effectiveness, as well as help in ensuring compliance with regulatory requirements. The IT sub committee is composed of Messrs Fareed Jaunbocus, Matthew Taylor, Denis Motet with Mr Amédée Darga as Chairperson. When necessary, other committees are set up by the Board on an ad hoc basis to consider specific matters. In accordance with the requirements of the Code, the following documents are available for consultation on the Company’s website:
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