– SOUTH AFRICA – In compliance with the JSE Limited Listings Requirements, the following changes to the ABIL and African Bank Boards and sub-committees are disclosed:
The Board is pleased to announce the appointment of Morris Mthombeni as an independent non-executive director of ABIL and African Bank with effect from 16 September 2013. He has also been appointed to the Group Audit Committee. Morris has more than 21 years’ experience in insurance-based financial services, including previously as CEO of Momentum Investments Limited. He has 15 years experience at executive level and has served on the boards of a number of Momentum Investments Limited’s subsidiaries.
Samuel (Sam) Sithole a non-executive director of ABIL and African Bank, has resigned from the boards of ABIL and African Bank due to a potential conflict of interest that may arise between the businesses carried on within the ABIL group and the investments of Brait, of which he is also a director. Sam’s resignation is effective 16 September 2013.
Robert John (Johnny) Symmonds, presently a member of ABIL’s Audit Committee, will with immediate effect, assume the interim chairmanship of the Group Audit Committee until a suitable replacement has been identified.
The resignation of Sam and the appointment of Morris to the Board have necessitated the following changes to the membership of the Group Audit Committee:
Group Audit Committee
Existing constitution New constitution
Sam Sithole (Chairman) Johnny Symmonds (Interim chairman)
Johnny Symmonds Morris Mthombeni
Nicholas Adams Nicholas Adams
ABIL would also like to announce that Thamsanqua (Tami) Sokutu, an executive director of ABIL and Group Chief Risk Officer, has with immediate effect, been granted an extended period of leave due to health reasons. His responsibilities as the Group Chief Risk Officer will be assumed in the interim by Pieter Marais, currently the Executive of Shared Services, subject to the approval of the South African Reserve Bank. Pieter joined ABIL in February 2000 as the Group Risk Officer, a position he held until December 2006. He has since had executive responsibility for IT Change Management, Ellerines Branch Credit processes, which included the conversion of all the EHL debtors’ accounts to African Bank and more recently for the Customer Service Call Centre.
The Boards of ABIL and African Bank, welcome Morris and express their sincere appreciation to Sam for his contribution to the group since his appointment in 2009, and in particular the role he played as Chairman of the Group Audit Committee.
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