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BINRA-Reconstitution of the SANRAL Board
The South African National Roads Agency SOC Limited Incorporated in the Republic of South
Africa (Registration Number 1998/009584/30)
Alpha Code: BINRA
("SANRAL" or the "Company")
RECONSTITUTION OF THE SANRAL BOARD
SANRAL would like to inform debt investors that, in light of the updates via SENS on 15 May 2024
and 03 July 2024, concerning two vacancies on the SANRAL Board, the Board has restructured the
Board's sub-committees to ensure continued effective governance and operational control.
Given the vacancies, the Board faced challenges in maintaining the required composition of key sub-
committees as mandated by our Charters. Specifically, the Audit and Risk Committee ("ARC") and
the Contracts Committee ("CC") could not meet their regulatory and operational requirements in
terms of their respective charters.
ARC will now be chaired by Ms Refilwe Buthelezi to ensure compliance with statutory requirements.
Mr Thamsanqa Matosa and Mr Rob Haswell will continue as members of the ARC. An adviser, who
will be a qualified and experienced chartered accountant, will be appointed to assist the ARC within
the next 14 days.
The Social, Ethics, and Transformation Committee ("SETC") will continue to operate with Mr Matosa,
and Mr Haswell as members and Ms Buthelezi will join SETC.
Due to regulatory constraints that prevent members of ARC from serving on CC, CC will be
suspended and matters usually handled by CC will be directed to the full Board until further notice.
Similarly, the Assets and Liabilities Committee ("ALCO") will be suspended, with its responsibilities
also being handled by the Board temporarily.
To mitigate the impact of the suspension of CC and ALCO, Mr Errol Makhubela has been appointed
as an Adviser to the Board, specifically on matters related to ALCO and CC due to his extensive
experience and prior service on the Board.
The Board believes that this reconstitution will ensure that SANRAL continues to operate within the
legal framework and maintains its governance standards. We are committed to filling the vacancies
promptly to restore full functionality to all board sub-committees. Further announcements will be
made when the vacancies have been filled.
30 July 2024.
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 31-07-2024 07:35:00
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