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MultiChoice South Africa Holdings Proprietary Limited
Integrated annual report 2018
Corporate governance review
(continued)
Dividend
In determining the dividend to be
recommended to the board for
recommendation to shareholders, the
committee considered the group’s internal
and external operating environment and
all reasonable foreseeable financial
circumstances of the company. Taking the
aforesaid into account and applying the
solvency and liquidity test as set out in the
Companies Act, the committee determined
that a dividend of R6,6bn should be
recommended as this would ensure that the
company meets its obligations as they fall due
and is in a position to implement its growth
and investment plans.
Discharge of responsibilities
The committee determined that, during the
financial year under review, it had discharged
its legal and other responsibilities as outlined
in terms of its remit. The board concurred
with this assessment.
Don Eriksson
Chair: Audit committee
8 June 2018
Integrated combined assurance
The board does not only rely on the adequacy
of the internal control embedment process,
but considers reports on the effectiveness
of risk management activities from the risk
committee. The committee ensures that the
assurance functions of management as well
as internal and external audit are sufficiently
integrated and is satisfied with the
effectiveness with the arrangements for
combined assurance. The various assurance
providers to the board comprise the following:
h
Senior management and the risk committee
considers the company’s risk strategy and
policy, along with the effectiveness and
efficiency thereof. The risk committee also
considers the adequacy of risk management
strategies, systems of internal control, risk
profiles and legal compliance. The audit
committee receives assurance from the risk
committee that risk management activities
are sufficiently addressed and effective.
h
The committee considers the systems of
internal control, internal and external audit
reports and also reviews the independence
of the auditor, the extent and nature of audit
engagements, scope of work and findings.
This committee also reviews the level of
disclosure in the annual financial statements
and the appropriateness of accounting
policies adopted by management and jointly
with the risk committee considers material
issues of fraud and reporting on fraud. The
board reviews the performance of the
committee against its charter.
The chair of the committee reports to the
board at the board meeting following each
committee meeting on matters addressed
by the committee at its last meeting.
Report of the audit committee
(continued)
for the year ended 31 March 2018