THE STANDARD BANK OF SOUTH AFRICA LIMITED - Changes To Directors Responsibilities - The Standard Bank of South Africa Limited

Changes To Directors’ Responsibilities - The Standard Bank of South Africa Limited

THE STANDARD BANK OF SOUTH AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1962/000738/06)
(“SBSA”) or (“the Company”)


CHANGES TO DIRECTORS’ RESPONSIBILITIES

Shareholders are advised, in accordance with the provisions of paragraph 3.59 of the JSE Listings
Requirements and paragraph 6.39 of the JSE Debt Listings Requirements, of changes to Standard Bank
Group (SBG) and The Standard Bank of South Africa Limited (SBSA) directors’ responsibilities.

The South African Reserve Bank Prudential Authority (PA), Directive 4 of 2018 (the Directive), which came into
effect in April 2020, applies to South African registered banks and their controlling companies. In terms of the
Directive, chairmen of board committees must be independent non-executive directors and any non-executive
directors who have served on the board for a period longer than nine years are not deemed to be independent.

The PA granted SBG and SBSA an exemption from the above provisions of the Directive until May 2023. In
order to implement the provisions of the Directive, the following changes to SBG and SBSA directors’
responsibilities will take effect from 1 January 2023:

-   Kgomotso Moroka will step down as the chairman of the Group Social and Ethics Committee and be
    succeeded by Geraldine Fraser-Moleketi.

-   Myles Ruck will step down as the chairman of the Group and SBSA Risk and Capital Management
    Committees as well as the SBG and SBSA Large Exposure Credit Committees and be succeeded by Ben
    Kruger.

Kgomotso Moroka will remain a non-executive director of SBG and SBSA and a member of the Group Social
and Ethics Committee until her planned retirement at the conclusion of each company’s AGM in 2023.
Myles Ruck will retire from the boards of SBG and SBSA effective 31 December 2022.

John Vice, the chairman of the Group Information Technology (IT) Committee, reached retirement age in
September 2022 and in line with the companies’ Memoranda of Incorporation, will retire at the respective
companies’ AGMs in 2023. In anticipation of his retirement, the board of Standard Bank Group also approved
the appointment of Paul Cook as the Chairman-elect of the Group IT Committee. Paul Cook will succeed
John Vice after the AGM.

The boards of SBG and SBSA owe a debt of gratitude to Kgomotso, Myles and John for their exemplary
leadership and immense contribution during their tenure as non-executive directors and committee chairmen
of the companies.

Johannesburg
28 November 2022

JSE sponsor
The Standard Bank of South Africa Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited

Date: 28-11-2022 10:05:00
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