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DISCOVERY LIMITED - Independent non-executive director changes

Release Date: 15/01/2020 15:17
Code(s): DSY DSBP DSY03 DSY01 DSY04 DSY02 DSY05     PDF:  
 
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Independent non-executive director changes

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 “Company” or “Group”)

INDEPENDENT NON-EXECUTIVE DIRECTOR CHANGES

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are advised of the
following non-executive director changes at Discovery.

The Company is pleased to announce the appointment of Mr David Macready as independent non-executive director
to the Group Board, effective from 3 February 2020; and as member of the Group Audit Committee, transitioning to
its chairperson with effect from 14 February 2020. Mr Macready will also be appointed as a member of the Actuarial
Committee and Risk and Compliance Committee of the Group.

Mr Macready’s membership of the Group Audit Committee will allow for a controlled handover from Mr Les Owen,
independent non-executive director and chairperson of the Group Audit Committee, who has informed the Board of
his intention to retire given his 12-year tenure. This will be effective at the close of the Board meeting scheduled on
14 February 2020.

Appointment of David Macready
Discovery is in an important phase of its development with the recent launch and scaling of its Banking operations,
navigating through a challenging macro-economic environment, as well as its global expansion into different markets
via key partnerships. This requires a unique set of skills and breadth of experience including accounting and actuarial
expertise, together with multinational financial services experience spanning insurance and retail banking; as well as
Board and Audit Committee experience – all within a high-growth and entrepreneurial environment. The Board
believes that Mr Macready’s substantial institutional experience is closely aligned to the needs of the Group during
this important phase of its evolution.

Mr Macready (61), a chartered accountant registered with the South African Institute of Chartered Accountants, is a
seasoned professional having commenced his career at Deloitte & Touche in South Africa and a further six years in the
United Kingdom. Mr Macready has spent the past 22 years in the wider Old Mutual Group, more recently being chief
executive officer of Old Mutual South Africa between 2015 and 2017. Mr Macready was chief executive of Old Mutual
Wealth and Investment Group between 2017 and December 2018. Mr Macready also held a number of key
directorships and audit committee memberships within the Old Mutual and Nedbank Group of companies over the
past 12 years.

Discovery welcomes Mr Macready to the Board.

Planned retirement of Mr Les Owen
Mr Owen has served as an independent non-executive director of the Company since December 2007 and has been
chairperson of the Group Audit Committee, as well as a member of the Actuarial Committee and Risk and Compliance
Committee. During his tenure at Discovery, Mr Owen has played a significant role in these important governance and
stewardship roles. Discovery wishes to thank Mr Owen for his invaluable contribution to the Group over the past 12
years.

Mr Owen will ensure a controlled handover to Mr Macready as the new chairperson of the Group Audit Committee.

Sandton
15 January 2020

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 15-01-2020 03:17:00
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