INTEGRATED ANNUAL REPORT FOR MULTICHOICE SOUTH AFRICA HOLDINGS (PTY) LTD AND PHUTHUMA NATHI INVESTMENTS (RF) LTD

GOVERNANCE AND ACCOUNTABILITY The partner responsible for the audit is required to rotate every five years. Ms Alinah Motaung was appointed as the designated audit partner at the AGM held on 30 August 2018. Ms Motaung subsequently stepped down and was replaced by Mr Brett Humphreys. Mr Humphreys is proposed as the audit partner for FY2020. Confidential meetings Audit committee agendas provide for confidential meetings between committee members and the internal and external auditors, separately and independently from senior management. Expertise and experience of the group’s CFO and the finance function As required by the King IV principle 8, practice 59f, the audit committee has satisfied itself that the MultiChoice South Africa Holdings group CFO has appropriate expertise and experience. In addition, the committee satisfied itself that the composition, experience and skills set of the finance function met the group’s requirements. Based on an assessment performed annually, the committee is of the opinion that the finance function, as well as the CFO, is effective. 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: w w Senior management and the risk committee consider 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. w w 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. Discharge of responsibilities The committee determined that, during FY2019, it had discharged its legal and other responsibilities as outlined in terms of its remit, details of which are included in the full corporate governance report on www.multichoice.com/multichoice- south-africa/ . The board concurred with this assessment. Don Eriksson Chair: Audit committee 14 June 2019 REPORT OF THE AUDIT COMMITTEE continued for the year ended 31 March 2019 94  MultiChoice South Africa Holdings Proprietary Limited integrated annual report 2019