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DIDBS - Board and Board Committee Changes
Development Bank of Southern Africa Limited
(reconstituted and incorporated in terms of section 2 of the Development Bank of Southern Africa Act, 1997)
Registration number: 1600157FN.
JSE company code: DIDBS
LEI code: 25490071AZ4HOFUNIH94
(“DBSA” or the “Bank”)
BOARD AND BOARD COMMITTEE CHANGES
In compliance with paragraph 6.39 of the JSE Debt Listings Requirements, DBSA wishes to notify noteholders
of the following changes to Board and Board Committees.
New appointments: non-executive directors:
To invigorate the capabilities of the board of directors of DBSA (“Board”), the following six new independent
non-executive directors have been appointed for a term of 3 years effective from 02/10/2023 to 01/10/2026.
The new directors bring with them the essential expertise and a wealth of experience in the fields of leadership,
human resources, environmental, social and governance, banking, information and communication
technologies and socio-economic development. These skills are essential for advancing the Bank's strategy.
The new non-executive directors are:
Mr Jonathan Muthige
Mr Muthige holds a BA Hons from the University of KwaZulu-Natal. He also holds a PMD from Damelin,
Strategic HR Management Programme from Harvard Business School and a certificate in Advanced
Management Programme from the Wharton Business School. He oversees five countries as the group's chief
human capital and transformation director for Alexander Forbes. He is a prominent HR executive with over 30
years of experience in the field. Mr. Muthige has a commendable combination of leadership experience in
operations and human resources in South Africa and other international markets. He currently serves as the
NED of the non-profit organization Help2Read.
Ms Chantal Naidoo
Ms Naidoo holds a PhD from the University of Sussex (Explored the role of Financial Services in supporting
Sustainability-SA’s IPP), MA in Development Finance from the Stellenbosch University, certificate in
Programme: Sustainable Leadership from the University of Cambridge and Int’l EDP, from BankSeta, PGDip:
Tax Law from the University of Witwatersrand and BCom from the University of Cape Town.
She has extensive experience in Investment and Corporate Banking, ESG Investments, and Global Climate
Change. She currently serves as a director of Rabia Transitions (NFP), a business she established in 2013 and
through which she continues to provide consulting services.
Ms Disebo Moephuli
Ms Moephuli holds an MBA from Dalhousie University, a BA in Economics from the University of Lesotho, and
a certificate from the INSEAD's Executive Leadership Programme. Ms. Moephuli, a seasoned executive with
more than 20 years of experience in leadership roles in the State-Owned Enterprises, financial services, freight
transportation, and logistics industries, is currently self-employed and runs a consulting firm. Her extensive
career has been marked by specialization in Risk and Corporate and Investment banking. Her expertise spans
asset management, treasury management, international funding, infrastructure funding, and local government
funding.
Mr Barry Hore
Mr Hore holds a BCom from the University of Natal as well as a certificate from Harvard University's Advanced
Management Program. He has 30 years of experience as a Chief Technology Officer and Chief Information
Officer getting the technology right. He has an in-depth knowledge of SARB bank regulatory standards and
related reporting, as well as banking, both corporate and retail. He has extensive expertise in cyber security,
ICT infrastructure, and process engineering. Mr. Hore oversaw the digitization of SARS and established
Discovery Bank.
Mr Joel Netshitenzhe
Mr Netshitenzhe holds a MSc: Financial Economics from the University of London, PGDip: Economic Principles
from the same institution, Dip: Social Sciences from the Moscow Institute of Social Sciences and incomplete
MBChB from the University of Kwa-Zulu Natal. He has a background in economics and social sciences and is a
seasoned executive and renowned leader known for his political savviness. He currently serves as the executive
director of the Mapungubwe Institute. He has also held significant positions with the Presidential Committee
for SOEs & Development Finance Institutions and Life Healthcare Group. He has held significant positions in
the Presidency and the Government Communication and Information System in the past.
Professor Edgar Pieterse
Professor Pieterse holds a PhD from the London School of Economics & Political Science, MA: in Politics of
Alternative Development Strategies from the Institute of Social Studies, The Hague, and a BA: in Social Science
from the University of the Western Cape. Prof Edgar Pieterse is a highly accomplished professional with
extensive experience in academia, policy development, and non-profit leadership.
As the Director of the 5 African Centre for Cities, he has established a leading research platform focused on
sustainable human settlements across Africa. He is currently serving as a director and member of the Scientific
Committee for the Chronic Poverty and Research Centre, the Third Sector Research Network Association, the
Development Studies Association, and the National Advisory Council for the South African Chapter of the
UNESCO Policy Nexus program.
New appointment: executive director:
Following the previous announcement released on SENS on 3 July 2023, in relation to the appointment of Ms.
Zodwa Mbele as a Chief Financial Officer, noteholders are further advised that Ms. Zodwa Mbele has been
appointed as an executive director effective from 02/10/2023. She is an experienced Chartered Accountant
CA(SA) and holds a certificate in International Treasury Management (UK) in addition to her CA(SA) designation.
She has attended the Harvard Business School's Advanced Management Program, the Stellenbosch Business
School's Executive Development Program, and the Wits Business School's Management Advanced Program.
Ms. Mbele previously held the positions of General Manager of Finance and Acting CFO at the DBSA, as well as
Group Executive: Transacting.
Re-appointments of existing directors:
To retain valuable knowledge, skills and experience and maintain continuity within the Board, the following
three independent non-executive directors have been re-appointed for another term of 3 years effective from
2 October 2023 to 01/10/2026.
• Mr. B Nqwababa
• Mr. P Matji
• Ms. P Nqeto
• Directors whose terms of office came to an end:
By the effluxion of time, the term of office of the following three non-executive directors has come to an end
with effect from 1 October 2023. The board of directors expresses its appreciation for the valuable contribution
to the Bank and wishes these directors well with their future endeavours.
• Prof Mark Swilling (Board Chairperson)
Prof Mark Swilling will no longer serve as a chairperson of the DBSA Board of Directors, members of the
Board Credit and Investment Committee, Human Resource and Remuneration Committee, Social and Ethics
Committee, Infrastructure Delivery and Knowledge Management Committee and Nomination Committee
effective from 01 October 2023.
• Dr Gaby Magomola (Deputy Chairman)
Dr Gaby Magomola will no longer serve as a Deputy Chairperson of the DBSA Board of Directors, a member
of Board Credit and Investment Committee, Infrastructure Delivery and Knowledge Management Committee
and Nomination Committee effective from 01 October 2023.
• Ms. Anu Sing
Ms. Anu Sing will no longer serve as a member of Board Credit and Investment Committee, Human Resource
and Remuneration Committee and Audit and Risk Committee effective from 01 October 2023.
• Dr Blessing Mudavanhu
Dr Blessing Mudavanhu will no longer serve as a member of the Audit and Risk Committee and Human
Resource and Remuneration Committee effective from 01 October 2023.
Non-executive directors whose term of office has not expired.
The Bank wished to advise noteholders that the following directors remain on the Board , as their term of office
has not come to an end.
• Ms. Martie Janse Van Rensburg
• Dinao Lerutla
• Mr. Ebrahim Rasool
• Mr. Kenneth Brown (Shareholder representative)
These Board appointments were made in accordance with the Nominations Committee Terms of Reference.
The Board remains properly constituted in terms of the DBSA Act (13 of 1997, as amended) and can continue
to perform and exercise its fiduciary obligations effectively. Should there be any questions or clarification
required, the DBSA company secretary may be contacted at bathobiles@dbsa.org
03 October 2023
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Page | 4
Date: 03-10-2023 05:40:00
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