Board of Directors

The Select board of directors is represented by executive and non-executive directors. Non-executive representation on the board brings external judgment on issues of strategy, performance, minority rights protection where applicable and expertise on the relevant markets the companies operate in. The Board has the responsibility for the implementation of the Group’s strategy.

Technical Advisory Committee

The Technical Advisory Committee (“TAC”) comprise Senior Management of the Group. TAC meets on a monthly basis.

The TAC acts as an advisory committee for the Group, and is responsible for inter alia, providing strategic, technical, advisory and operational services, advising on implementing the Group strategy, considering broad business management issues, monitoring internal controls and risk management, monitoring compliance with all regulatory and legal requirements, and advising on measures to be taken regarding performance of the Group and its subsidiaries.

Risk Management and Audit Committee

The role of the Risk Management and Audit Committee is to assist the Board in fulfilling its corporate governance and oversight responsibilities in relation to internal control systems, accounting policies and practices, internal and external audit functions, tax matters, as well as relevant group financial reporting and the management of risk within the Group. It also oversees the Issuer’s financial reporting statements, as well as assessing any potential operational or systemic risks, which Lesana might face.

Select Africa’s independent Audit Committee provides oversight over ongoing internal and external audits throughout the Group. The Audit Committee’s interaction with external specialists and professional bodies help integrate industry best practice into Group’s operating procedures.

Asset Liability Committee

The objective of the Group Asset Liability Committee (“ALCO”) is to determine the liquidity position, future funding needs, interest rate risk management and hedging, where applicable, for each operation (including the Lesana), and on a Group level.

ALCO meets once a month, where future funding pipeline initiatives and progress is discussed.

Capital Allocation Committee

The Capital Allocation Committee (“CAC”) is constituted to approve material investments and new products in Select Africa in advance. The Committee comprises Senior Executives from African Alliance and Select Africa, as well as two independents. The Committee evaluates material investments that involve expansion into new territories or new areas of business.

Remuneration Committee

The Remuneration Committee makes recommendations to the Board regarding the remuneration policy that applies to Executive Directors and senior employees, and is responsible for identifying and nominating candidates to fill vacancies on the Board, as and when the need arises.

Country Executive Committee

The Country Executive Committees (“CEC”) are held on a monthly basis where the day-to-day business operations of each individual country are discussed. CEC is responsible for monitoring and reporting to the TAC on internal controls and management, and ensuring the effective implementation of decisions made on such matters.

Country executive committee members typically include the Select CEO, the country CEO or general manager where applicable, as well as representatives from operations, credit and collections, business development and finance. This committee meets every month and scrutinizes each countries EXCO pack report including the CEO, Collection, Sales, Operations and HR reports.

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