AFROCENTRIC INVESTMENT CORPORATION LIMITED - Change in composition of board committees
Change in composition of board committees
AfroCentric Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1988/000570/06)
JSE Code: ACT ISIN: ZAE000078416
("AfroCentric" or the "Group")
Change in composition of board committees
Shareholders are notified of the following changes to the Remuneration Committee and the Social
and Ethics Committee of the board of directors of AfroCentric (the "Board") with immediate effect:
• Mr Joe Madungandaba has resigned as a member and chairperson of the Remuneration
Committee. Mr Madungandaba will continue to serve as deputy chairman of the Board
and member of the Nomination and Investment Committees of AfroCentric;
• Ms Alice le Roux has been appointed as a member and chairperson of the Remuneration
Committee. Ms Le Roux will continue to serve as a member of the Audit and Risk
Committee of AfroCentric; and
• Ms Mmaboshadi Chauke has been appointed as a member of the Social and Ethics
Committee.
Mr Ronnie Wa-Mundalamo has notified the Board of his intention to resign as an independent
external member of the Remuneration Committee with effect from the date upon which the Board
appoints a suitable director as a member of the Remuneration Committee.
Mr. Aklaaq Mahmood (an executive director of Medscheme Holdings Proprietary Limited
("Medscheme") and member of the Social and Ethics Committee) has also notified the Board of
his intention to resign as a member of the Social and Ethics Committee effective by no later than
31 December 2024. Mr Mahmood's resignation from the Social and Ethics Committee will allow
him to focus on the strategic initiatives undertaken by the Group. The Board looks forward to
working with the directors in their new roles and thanks Mr Madungandaba and Mr Wa-
Mundalamo for their contributions to the Remuneration Committee.
Johannesburg
30 July 2024
JSE Sponsor to AfroCentric
Questco Corporate Advisory Proprietary Limited
Date: 30-07-2024 05:49:00
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