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Changes to the composition of the Discovery Limited board
DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/007789/06)
Legal Entity Identifier: 378900245A26169C8132
JSE share code: DSY, DSYBP
DSY ISIN: ZAE000022331
DSBP ISIN: ZAE000158564
JSE bond code: DSYI
("Discovery" or the "Group" or the "Company")
CHANGES TO THE COMPOSITION OF THE DISCOVERY LIMITED BOARD
In terms of paragraphs 3.59 and 6.39 of the JSE Limited Listings Requirements and Debt Listings
Requirements respectively, shareholders and noteholders are hereby advised of changes to the
composition of the Board of Discovery. The changes align the Group’s governance structures with
global best practice.
As explained at the time of announcing the annual financial results for the year ended 30 June
2022, the Group is now organised around three distinct business composites: Discovery in South
Africa, Vitality in the United Kingdom, and Vitality Global. These composites, coordinated by the
Group Executive Committee, all share and leverage the Group’s unique and proprietary Core
Purpose, values, and Vitality Shared-Value insurance model; and are now well developed with their
own dedicated governance structures in place.
Given this, the Discovery Board is now focused on Group-wide strategy, capital allocation,
governance, and risk – issues that span all composites as opposed to strategy and execution within
each of the composites.
Shareholders and noteholders are accordingly advised that the following executive directors - Mr
Hylton Kallner, Mr Neville Koopowitz, Dr Ayanda Ntsaluba and Mr Alan Pollard - will be stepping
down as members of the Board of Discovery, effective 1 March 2023.
The focus of these executives will be in their respective business composites and their associated
Boards and structures. These key executives have played a pivotal role in the founding and growth
of the Group and will continue to play a central role in the formulation and execution of the
Group’s strategy via the Group Executive Committee. Furthermore, Mr Hylton Kallner, in addition
to his primary role as the Chief Executive Officer of Discovery Bank Limited, will resume his role as
Chief Executive Officer of the Discovery business composite in South Africa, with effect from 1
March 2023. Mr Kallner already serves as the Chair of the South African Executive Committee.
Sandton
02 February 2023
Sponsor and Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02-02-2023 04:25:00
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