Governance structure

Board of directors

Chief Executive Officer

Audit and Risk Committee

Remuneration and Nomination Committee

Social, Ethics and Transformation Committee

The Board at 31 December 2025 comprised Steve Phiri, Matsotso Vuso, Katlego Tlale, Jeff Mclaughlan, David McGluwa, Nonhlanhla Mabusela-Aikhuere, Daniel Green, Zanele Matlala and Ditabe Chocho.

of female Board members are black

of our Board members are black

of our Board members are independent

of our Board members are non-executive directors who do not receive share options or incentives

See the stakeholder engagement table on our website for details of the Venture's engagement and Merafe's engagement during 2025. See our website for further information on governance, social and environmental information of the Venture and Merafe as well as externally developed principles, charters and initiatives to which Merafe and the Venture subscribe.

Company Secretary

William Somerville (69) CorpStat Governance Services

FCG, ACMA, Dip Corporate Law

Appointed as Company Secretary on 1 October 2014.

Note regarding the Company Secretary

The Company Secretary fulfils no executive management function and is not a director, and provides services on an outsourced basis. Accordingly, the Board is satisfied that the Company Secretary maintains an arm's-length relationship with the executive team, the Board and the individual directors.