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Sanlam Limited - Sanlam reviews corporate governance structures Registered name: Sanlam Limited (Registration number 1959/001562/06) JSE share code: SLM NSX share code: SLA ISIN number: ZAE000070660 Sanlam reviews corporate governance structures In line with Sanlam"s commitment to the highest level of corporate governance and best practice, the Board of Sanlam Limited has undertaken a review of the Group"s major corporate governance structures, including those of the main and subsidiary Boards and their Committees. The review aims to streamline the decision-making processes as to increase the efficiency of the Group at both the Board and operational levels and to further promote corporate governance. To meet these objectives, the Board of Sanlam Limited, at it"s meeting on 7 June 2006, decided to: 1. Appoint the same non-executive directors to the Boards of Sanlam Limited and Sanlam Life Insurance Limited and for these two Boards to hold combined meetings. Lize Lambrechts, Themba Gamedze and Heinie Werth will stand down as executive directors of Sanlam Life Insurance Ltd. Roy Andersen will be chairman of both these Boards. 2. Establish three new Board Committees - the Retail Cluster Committee, the Institutional Cluster Committee and the Short-term Insurance Cluster Committee. These committees will be appropriately authorised to direct and monitor all strategic implementation and operational performance aspects of their businesses. The Sanlam Personal Finance and Entry Level Market Business Divisions will in future comprise the Retail Business Cluster, while the Sanlam Investment Management, Sanlam Capital Markets and Sanlam Employee Benefits Divisions will comprise the Institutional Business Cluster 3. Establish a new Policyholder Interest Committee to review and monitor all policyholder related decisions in the Group at a strategic level. The Committee has been established in response to increased consumerism and the questioning of the insurance industry"s value proposition and business models as it relates to its clients. The committee will perform its responsibilities in addition to Sanlam"s existing complaints handling and its Internal Ombudsman facilities. 4 Combine the existing Transformation and Safety, Health and Environment Committees into a new Sustainability Committee to better address Sanlam"s key social and economic performance areas. The merger is consistent with leading international trends. These decisions by the Sanlam Board will be implemented following the next shareholder and Board meetings of subsidiary companies. These decisions will not influence the activities of the various Sanlam business divisions and their Boards, executive teams and employees or the services provided to their clients. The existing Divisional Boards will remain in place but might be reconstituted at a later stage. Following the re-election and election of members to the board of Sanlam Limited at its AGM on 7 June 2006, the Board now comprises of the following members: Independent non-executive directors: Roy Andersen (Chairman) Manana Bakane-Tuoane Anton Botha Attie du Plessis Fran du Plessis Wilmot James Valli Moosa Raisibe Morathi Sipho Nkosi Ian Plenderleith Maria Ramos George Rudman Bernard Swanepoel Eugene van As Boetie van Zyl Lazarus Zim Non-Executive directors: Patrice Motsepe (Deputy Chairman) Rejoice Simelane Executive directors: Johan van Zyl (Group Chief Executive) Flip Rademeyer (Financial Director) In terms of the Board"s decision, all these directors will also become directors of Sanlam Life Insurance Limited ("Sanlam Life"). The Board Committees comprise of the following directors: Nomination Committee: Sanlam Ltd Roy Andersen (Chairman) Manana Bakane-Tuoane Patrice Motsepe Maria Ramos Sustainability Committee: Sanlam Ltd Valli Moosa (Chairman) Wilmot James Rejoice Simelane Bernard Swanepoel Lazarus Zim Non-Executive Directors" Committee: Sanlam Ltd Roy Andersen (Chairman) All Sanlam Ltd non-executive directors Policyholder Interest Committee: Sanlam Ltd Fran du Plessis (Chairman) Wilmot James Boetie van Zyl Other appointments to this committee: Chris Swanepoel (former Chief Actuary, Sanlam Limited) Andre Zeeman (Chief Actuary, Sanlam Limited Retail Cluster Committee: Sanlam Life Johan van Zyl (Chairman) George Rudman Manana Bakane-Tuoane Sipho Nkosi Rejoice Simelane Bernard Swanepoel Flip Rademeyer Other appointments to this committee: Lize Lambrechts (Chief Executive, Sanlam Personal Finance) Heinie Werth (Chief Executive, Developing Markets) Ian Kirk (Chief Executive, Strategy and Special Projects) Kobus Moller (Chief Executive, Finance) Institutional Cluster Committee: Sanlam Life Johan van Zyl (Chairman) Anton Botha Attie du Plessis Valli Moosa Raisibe Morathi Ian Plenderleith Flip Rademeyer Other appointments to this committee: Themba Gamedze (Chief Executive, Sanlam Employee Benefits) Johan van der Merwe (Chief Executive, Sanlam Investment Management) Ian Kirk (Chief Executive, Strategy and Special Projects) Kobus Moller (Chief Executive, Finance) Short-Term Insurance Committee: Sanlam Life Johan van Zyl (Chairman) George Rudman Flip Rademeyer Other appointments to this committee: Kobus Moller (Chief Executive, Finance) Audit & Risk Committee: Sanlam Ltd & Sanlam Life George Rudman (Chairman) Attie du Plessis Fran du Plessis Ian Plenderleith Eugene van As Human Resources Committee: Sanlam Ltd & Sanlam Life Anton Botha (Chairman) Roy Andersen Patrice Motsepe Maria Ramos Boetie van Zyl 13 June 2006 Sponsor: J.P. Morgan Equities Limited Date: 13/06/2006 12:15:11 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department
