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INTEGRATED ANNUAL REPORT FOR PHUTHUMA NATHI INVESTMENTS (RF) LIMITED Next Page
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Overview
2

About this report
4

Statement of directors’ responsibility
5

Our business
6

Our performance at a glance
8

Our social investment
10

Value-added statement
11

Review
14

Executive chair’s review
14

Our strategic priorities
20

Risk management report
21

Our stakeholders
30

Our material matters
34

Our operations
34

Our people
42

Our customers
48

Our regulatory environment
52

Corporate social responsibility
56

Corporate governance review
62

Our approach to governance
64

Our board
67

Remuneration report
77

Report of the audit committee
86

Financial review
89

Independent auditor’s report
93

Summarised consolidated annual nancial statements
95

Phuthuma Nathi Investments (RF) Limited
99

Corporate governance review
99

Board of directors
100

Report of the audit committee
101

Directors’ report
103

Financial review
106

Report of the independent auditor
107

Summarised financial statements
108

Shareholder information for MultiChoice and Phuthuma Nathi Investments (RF) Limited
115

MultiChoice South Africa Holdings Proprietary Limited
115

Notice of annual general meeting
116

Form of proxy
121

Notes to the form of proxy
122

Phuthuma Nathi Investments (RF) Limited
123

Notice of annual general meeting
123

Form of proxy
133

Notes to the form of proxy
134

Administration and corporate information
135