Appointment of Three Independent Non-Executive Directors
Accelerate Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number: 2005/015057/06
Share code: APF
(“Accelerate” or “the Company”)
(Approved as a REIT by the JSE)
APPOINTMENT OF THREE INDEPENDENT NON-EXECUTIVE DIRECTORS
The board of directors (“board”) of Accelerate has pleasure in advising shareholders
that it has appointed three independent non-executives to its board with effect from 1
May 2019. The new directors are Mr George Cavaleros, Mr Dawid Wandrag and Mr
In addition, the following appointments/changes have been made to the board
committees, also effective 1 May 2019:
• Mr George Cavaleros: Member of the Audit and Risk Committee,
Remuneration Committee and Nominations Committee.
• Mr Abel Mawela: Member of the Audit and Risk Committee and Member of the
Social, Ethics and Transformation. Committee. Ass Prof Francois Viruly will
step down from this committee.
• Dr Gert Cruywagen will step down from the Remuneration Committee.
• Mr Dawid Wandrag: Member of the Investment Committee and Member and
Chairman of the Technology Governance Sub-Committee.
• Mr Timothy Fearnhead will step down as a Member and Chairman of the
Technology Governance Sub-Committee.
George has extensive academic qualifications, namely, CA (SA); CFA, CISA, CIA,
ACIS CFP and a Master of Commerce programme in Applied Risk Management.
George spent 30 years with Deloitte & Touche during which he was a partner for over
20 years. He provided audit and other professional services to clients, including
property owning entities, asset managers and hedge funds.
Abel has an MBA and a B.Com (Hons). He is also a Certified Director with the IoDSA.
He has had extensive experience serving on audit and risk committees and finance
and risk committees. His career included being the Chief Financial Officer of EDI
Holdings and Ekuhuleni Metro, as well as a number of non-executive director
Dawid has a B. Com (Accounting) degree and has also completed many banking
programmes and courses. He had a 35-year career in banking. His experience in the
property sector is extensive and he is highly regarded by the property industry. In
addition, he was part of a small team tasked by Rand Merchant Bank to establish a
private wealth bank, RMB Private Bank, now a major player in the private banking
sector. He served, inter alia, at RMB as a director of Eris Property Group (RMB
Properties) and was the head of credit risk, valuations, legal risk and recoveries at
RMB Private Bank and held similar positions at Investec. He was also chairman of
the Firstrand Property Finance Credit Committee, a member of the Firstrand Credit
Committee and a member of the Firstrand Property owned committee.
These new appointments strengthen the property, corporate governance and financial
skills on the board and the board looks forward to their contribution to the ongoing
success of the Company.
24 April 2019
The Standard Bank of South Africa Limited
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