The Committee focussed on investment projects that were aligned to the overall strategy, and supported the objective of right-sizing the business in response to a post-COVID-19 trading environment.

Mandate

The purpose of the Investment Committee is to assist the Board in discharging its oversight responsibilities regarding the Company’s investment strategy and policy. The Committee assists the Board in considering investment opportunities, approving acquisitions, disposals and capex, and reviewing the performance of previous investments.

Members Invitees Relevant skills profile of members

Chairman

  • CH Boulle* 1/2
  • F Petersen-Cook* 1/2

Members

  • NJ Adami
  • SL Botha
  • CH Boulle
  • CEO
  • Group Financial Director
  • N Halamandaris
  • Group Risk Executive
  • Company Secretary
 Committee members are highly skilled in actuarial science, business strategy, finance and commercial law
* Chris Boulle stepped down as Chairman of the Investment Committee in June 2021 and was replaced by Fagmeedah Petersen-Cook.

Focus areas for 2022

The Committee reviewed and approved the annual workplan and Committee Charter. The Committee evaluated key investment projects including:

  • Project Decade including the relocation of the KwaZulu-Natal Distribution Centre.
  • Project Unite, which relates to the expansion of the current Midrand facility.
  • Expansion PAUL1 – three new restaurants.
  • Expansion of our Nigerian footprint through further investment in our associate UAC Restaurants.
  • The purchase of the remaining minority shareholdings in Turn ‘n Tender and LUPA Osteria.
  • Approved the sale of our minority shareholding in Famous Brands Great Bakery Company (Pty) Ltd.
  • Reviewed the weighted average cost of capital (WACC) calculation and impairments.
  • Considered and approved the capex for strategic IT projects.
  • The company store portfolio.

Focus areas for 2023

Our focus areas for 2023 include the finalisation of the investment for Project Unite, supporting management in the evaluation of growth opportunities and the consideration and review of strategically important Group IT projects.

I confirm that the Committee is satisfied that it has fulfilled its responsibilities in accordance with its terms of reference for the financial year. I will be present at the AGM to answer any questions regarding the activities of the Committee.

Fagmeedah Petersen-Cook
Chairman: Investment Committee

23 June 2022