Committees

Audit Committee

The Audit Committee is chaired by Stephen Oke, with Stephen Turner and John Ballard as committee members. The Committee meets formally twice a year with the external auditors, the Chairman, the CEO, the CFO and the head of the internal audit function, while the Committee Chairman meets with executives and the auditors whenever necessary. The Committee's responsibilities are varied and include ensuring that the necessary internal controls and checks and balances are in place, establishing that management are enforcing use of the controls, and acting as a liaison between the external auditors and the Board. The internal and external auditors have unfettered access to the committee and its members throughout the year. The audit committee will also recommend the appointment of, and will review the fees of the external auditors.

Remuneration Committee

The Remuneration Committee, which meets twice a year, or as may be required by the Chairman, is chaired by Stephen Turner with Stephen Oke and John Ballard as committee members. The Chairman and the CEO attend each meeting by invitation. The Committee is responsible for reviewing and approving the remuneration of directors and senior management. The Chairman and the CEO are excluded from reviewing, deliberating, or approving their own remuneration packages.

Risk Management Committee

The Risk Management Committee, which meets twice a year, or as may be required by the Chairman, is chaired by Stephen Turner, with Tony Grey and Jannie Muller as committee members. The Committee is responsible for assessing the internal processes for determining and managing key risk areas and ensuring that the Company has an effective risk management system and that major risks to the Company are reported at least annually to the Board.

Nominations Committee

The Nominations Committee is an ad-hoc committee, is chaired by Chairman, Tony Grey with Stephen Oke and John Ballard. The role of the Nomination Committee is to identify and nominate candidates for the approval of the Board to fill Board vacancies and make recommendations to the Board on Board composition and balance. The Nomination Committee also prepares the Chairman's job description and other significant commitments for which he is responsible.

Safety, Health Environment and Community Committee

As the Company continues to develop its assets, it is ever mindful of the importance of observing the highest standards of health and safety to protect its employees and the communities around its mines. The Company likewise seeks to operate in a sustainable manner which meets our long term responsibility to our surroundings and resources. The Health Committee, which meets at least twice a year, or as may be required by the Chairman, is chaired by the Chairman, Tony Grey, with members Stephen Turner, Steynberg Janse van Rensburg and Hermann Booysen. The committee’s primary objectives are to assist the Board to meet its commitments under the Group’s Safety, Health Environment and Community (“SHEC”) Policy and to provide oversight of and provide advice to the Board on SHEC related matters, as well as corporate social responsibility matters that impact the Group.